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Gazprom & OMV Set Price for OMV's Purchase a 24.98% Interest in Achimov IV & V Phase Development

Source: www.gulfoilandgas.com 6/9/2019, Location: Asia

Gazprom and OMV signed at the St. Petersburg International Economic Forum 2019 the Contract on the amendments to the Basic Agreement on Asset Sale. The signing ceremony took place in the presence of Alexander Novak, Minister of Energy of the Russian Federation, and Elisabeth Udolf-Strobl, Minister for Digital and Economic Affairs of Austria.

The document sets the price of the deal in which 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 at EUR 905 million (USD 1.02 billion at the cross rate of the Central Bank of the Russian Federation as of June 7, 2019). The parties plan to enter into the final agreement on the deal before the end of 2019.

Background
The St. Petersburg International Economic Forum 2019 is being held at the EXPOFORUM Convention and Exhibition Centre from June 6 to 8. This year's key topic is Creating a Sustainable Development Agenda. OMV Gazprom's main partner in Austria.

The companies cooperate in gas production, transportation and supplies.

On October 3, 2018, Gazprom and OMV signed the Basic Agreement on Asset Sale.

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 Dea will retain its share of 25.01 per cent.

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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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