Gazprom & OMV Sign Binding Basic Agreement on Asset Swap (update)

Source: www.gulfoilandgas.com 12/14/2016, Location: Asia

Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the OMV Executive Board, on Wednesday signed the Basic Agreement regarding the asset swap. The signing ceremony took place in the presence of Hans J?rg Schelling, Minister of Finance of the Republic of Austria and Anatoly Yanovsky, Deputy Minister of Energy of Russia.

According to the Basic Agreement, Gazprom will receive a 38.5 percent stake in OMV (NORGE), a company focused on geological exploration and production in Norway. In exchange, OMV will obtain a 24.98 percent stake in the project for developing Blocks 4 and 5 of the Achimov formation in the Urengoy oil, gas and condensate field. The deal is subject to an agreement on the final transaction documents, regulatory approvals and further corporate approvals.

'The Basic Agreement specifies the share that Gazprom will receive in the asset of OMV as part of the asset swap; it also contains some other commercial terms and is legally binding. In essence, the basic parameters of this deal have been determined. We plan to agree and sign the final documents by mid of 2017,' said Alexey Miller.

'The signing of the Basic Agreement is a further milestone to foster the long lasting partnership between OMV and Gazprom. With this, OMV laid the foundation to reach one of its most important strategic targets. The project will substantially increase our reserve base. We will identify further projects and opportunities with Gazprom to expand our cooperation,' said Rainer Seele.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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