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Gazprom & OMV Sign Amendment to the Contract to Increase Gas Supplies to Austria

Source: www.gulfoilandgas.com 11/5/2018, Location: Asia

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the Executive Board of OMV, took place in St. Petersburg.

In the course of the meeting, the parties signed an Amendment to the contract on gas supplies to Austria. According to the document, gas deliveries to Austria will be increased by 1 billion cubic meters per year beyond the contractual amount for the entire contract period.

“Over the past few years, Gazprom has been setting new records for exports to Austria. In the first ten months of 2018 alone, gas supplies to the country have grown by a third compared to the same period of 2017, reaching 8.8 billion cubic meters. The signing of a document on additional exports beyond the contractual amounts serves as yet another proof of the high demand for Russian gas on the part of our European consumers,” said Alexey Miller.

“Europe's demand for gas will rise primarily as the result of gas-fired power plants successively replacing coal, coupled with the simultaneous decrease in European production. By increasing gas supplies to Baumgarten in Lower Austria, we are making an additional contribution to security of supply in Austria – as well as to other European countries,” said Rainer Seele.

In addition, the parties discussed further steps in the implementation of the agreements signed in October of this year, such as the document establishing a Joint Coordinating Committee for the purposes of collaboration between the companies, as well as the upcoming deal during which OMV will obtain a stake in the project for developing Blocks 4A and 5A in the Achimov formations of the Urengoyskoye field.

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