Growth in demand for Russian gas in Europe confirms importance of Nord Stream 2 construction

The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Rainer Seele, Chairman of the OMV Executive Board.

At working meeting

The parties discussed issues of cooperation, particularly addressing the Nord Stream 2 project. It was noted that the growth in demand for Russian gas in Europe confirmed the importance of building this gas pipeline.

Background

OMV is a major partner of Gazprom in Austria.

On September 4, 2015 Gazprom, BASF, E.ON, ENGIE, OMV and Shell inked the Shareholders Agreement to construct the Nord Stream 2 gas pipeline system with the capacity of 55 billion cubic meters of gas a year from Russia to Germany across the Baltic Sea.

Also on September 4, 2015 Gazprom and OMV signed the Agreement on the main terms and conditions of an asset swap. If the deal is completed, 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 Gazprom’s participation in OMV assets.

On October 23, 2015 Gazprom and OMV signed the Memorandum of Understanding on oil supply to OMV from the Gazprom Group portfolio.

Source:: Growth in demand for Russian gas in Europe confirms importance of Nord Stream 2 construction

Categories