Nord Stream 2 to play crucial role in EU’s energy security

RELEASE

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the Executive Board of OMV, took place in St. Petersburg today.

The meeting addressed Russian gas supplies to Austria. In 2016, Gazprom exported 6.1 billion cubic meters of gas to Austria, which was 37.9 per cent higher than in 2015. The upward trend in gas demand continues in early 2017, as gas deliveries added 109.8 per cent in January and the first half of February 2017 compared to the same period of 2016.

Particular attention was paid to the Nord Stream 2 project. The parties noted that the gas pipeline would ensure reliable supplies of Russian gas to the European market, playing a crucial role in the European Union’s energy security.

The meeting also touched upon the issues related to the asset swap between Gazprom and OMV.

Background

OMV AG is Gazprom’s main partner in Austria.

On December 14, 2016, Gazprom and OMV signed the Basic Agreement regarding the asset swap. According to the document, 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.

Nord Stream 2 is the project for a transit-free export gas pipeline with the annual capacity of 55 billion cubic meters of gas running from Russia to Germany across the Baltic Sea.

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