Gazprom, OMV ink asset swap deal

Russia’s gas giant Gazprom and OMV of Austria signed a deal on Friday in Vladivostok on terms and conditions of a possible asset swap.

Subject to the swap deal, OMV will acquire a 24.98 per cent stake in the project for developing Blocks 4A and 5A of the Achimov deposits at the Urengoy oil, gas and condensate field in exchange for the participating interest in OMV.

“This Agreement is another step closer to the cooperation with Gazprom along the entire value chain. We purchase Russian gas for our European customers. Together we contribute to the security of supply by implementing the Nord Stream II project. In addition, right now we are broadening our trust-based partnership for producing natural gas in Siberia,” said Rainer Seele, Chairman of the OMV Executive Board.