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Gazprom and OMV: Nord Stream 2 project is important for Europe's energy system

Gazprom reported that its chief executive Alexei Miller met the head of OMV Rainer Seele and both sides said the Nord Stream 2 natural gas pipeline project is important for Europe's energy system.

Gazprom and OMV: Nord Stream 2 project is important for Europe's energy system Gazprom and OMV: Nord Stream 2 project is important for Europe's energy system


Gazprom reported that its chief executive Alexei Miller met on August 23, 2016, the Head of OMV Rainer Seele and both sides said the Nord Stream 2 natural gas pipeline project is important for Europe's energy system.

 

The parties noted that Russian gas supplies to Austria continued growing. Preliminary data show that between January 1 and August 21, 2016, Gazprom has exported to Austria 17.8 per cent more than in the same period of 2015.

 

In view of the high demand for Russian gas in most European countries, the meeting participants stressed that the Nord Stream 2 gas pipeline was important for the European energy system.

Alexey Miller pointed out that the project was running strictly on schedule.

 

Another issue discussed at the meeting was the asset swap between the companies.

On September 4, 2015, Gazprom and OMV signed the Term Sheet regarding an asset swap.

If the deal is completed, OMV will acquire a 24.9% stake in the project for developing Blocks 4A and 5A of the Achimov deposits at the Urengoyskoye oil, gas and condensate field in exchange for Gazprom's participation in OMV assets.

On April 1, 2016, Gazprom and OMV signed the second Term Sheet regarding an asset swap. The document specifies, inter alia, the assets to be provided by OMV.

Source : Neftegaz.RU