Background
OMV AG is Gazprom’s main partner in Austria. The companies cooperate in gas production, transportation and supplies.
Since 2017, OMV has been partnering with Gazprom in the Yuzhno-Russkoye oil, gas and condensate field development.
In June 2018, an Agreement was signed to extend until 2040 the existing contract between Gazprom Export and OMV Gas Marketing & Trading GmbH for Russian gas supplies to Austria.
In November 2018, an Amendment to the contract on gas supplies to Austria was inked. According to the document, gas deliveries to Austria would be increased by 1 billion cubic meters per year beyond the contractual amount for the entire contract period.
In October 2018, Gazprom and OMV signed the Memorandum on Strategic Cooperation.
Also in October 2018, Gazprom and OMV inked the Basic Agreement on Asset Sale. In accordance with the document, OMV would obtain a 24.98 per cent stake in the project for developing Blocks 4A and 5A in the Achimov formations of the Urengoyskoye field.
Nord Stream 2 is the construction project for a gas pipeline with the annual capacity of 55 billion cubic meters from Russia to Germany across the Baltic Sea.
