Gazprom and OMV sign binding Basic Agreement on asset swap
Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the OMV Executive Board, today signed in Vienna the Basic Agreement regarding the asset swap. The signing ceremony took place in the presence of Hans Jörg Schelling, Minister of Finance of the Republic of Austria, and Anatoly Yanovsky, Deputy Minister of Energy of Russia.
Rainer Seele and Alexey Miller signing Basic Agreement on asset swap. Photo by OMV AG
According to the Basic Agreement, Gazprom will receive a 38.5 per cent stake in OMV Norge AS, a company focused on geological exploration and production in Norway. In exchange, OMV will obtain a 24.98 per cent stake in the project for developing Blocks 4 and 5 of the Achimov formations in the Urengoy oil, gas and condensate field. The deal is subject to an agreement on the final transaction documents, regulatory approvals and further corporate approvals.
Rainer Seele and Alexey Miller. Photo by OMV AG
“The Basic Agreement specifies the share that Gazprom will receive in the asset of OMV as part of the asset swap; it also contains some other commercial terms and is legally binding. In essence, the basic parameters of this deal have been determined. We plan to agree and sign the final documents by mid-2017,” said Alexey Miller.
“The signing of the Basic Agreement is a further milestone to foster the long lasting partnership between OMV and Gazprom. With this, OMV laid the foundation to reach one of its most important strategic targets. The project will substantially increase our reserve base. We will identify further projects and opportunities with Gazprom to expand our cooperation,” said Rainer Seele.