Gazprom Export, OMV Reach Accord on Long-Term Gas Supply

Gazprom Export has reached an interim agreement with its long-term natural gas buyer, fully consolidated OMV subsidiary EconGas.

Deputy Chairman of Gazprom’s Management Committee, Director General of Gazprom Export Alexander Medvedev: “The agreement reached adjusts the contract to the changes that took place on the Austrian market, and improves the competitiveness of Russian gas”.

OMV CEO Gerhard Roiss: “This is a positive milestone in ensuring that EconGas is moving towards a more competitive position. The new arrangement reflects our sustainable partnership with our long-term gas suppliers. We appreciate the result of the constructive negotiations which put us closer to the current market conditions in terms of natural gas.”

During the regular price revision negotiations, an interim arrangement was reached. Under this interim agreement the terms of the long-term gas supply contract have been adjusted to more closely reflect the current market conditions on European gas markets.

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LNG World News Staff, December 09, 2013