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Gazprom & OMV Sign Basic Agreement on Asset Sale

Source: www.gulfoilandgas.com 10/3/2018, Location: Asia

Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the Executive Board of OMV, today signed in St. Petersburg a Basic Agreement on Asset Sale.

The signing ceremony took place in the presence of Vladimir Putin, President of the Russian Federation, and Sebastian Kurz, Federal Chancellor of Austria, at the State Hermitage Museum.

In accordance with the document, OMV will obtain a 24.98 per cent stake in the project for developing Blocks 4A and 5A in the Achimov formations of the Urengoyskoye field. As a result, the Gazprom Group’s stake in the project will decrease to 50.01 per cent, while Wintershall Holding will retain its share of 25.01 per cent. The parties plan to enter into the final agreement on the deal in early 2019.

“We are opening up new horizons for our 50-year strategic cooperation with OMV. Our reliable Austrian partner is joining another crucial project: the development of the Achimov formations in the Urengoyskoye field. We will sign the final document in 2019, and the development of Blocks 4A and 5A is planned until 2069. This means that we have another 50 years of fruitful work ahead of us,” said Alexey Miller.

“Based on successful 50 years of cooperation we upgrade our strategic partnership with Gazprom along the entire value chain from production in Russia to the supply of European gas markets,” said Rainer Seele.

Also today, Vladimir Putin, President of the Russian Federation, and Sebastian Kurz, Federal Chancellor of Austria, opened at the State Hermitage Museum the “Imperial Capitals: St. Petersburg – Vienna. Masterpieces of Museum Collections” exhibition organized with support from Gazprom and OMV.

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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  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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