Gazprom & OMV sign basic agreement on asset sale

Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the Executive Board of OMV, recently signed in St. Petersburg a Basic Agreement on Asset Sale.

The signing ceremony took place in the presence of Vladimir Putin, President of the Russian Federation, and Sebastian Kurz, Federal Chancellor of Austria, at the State Hermitage Museum.

In accordance with the document, OMV will obtain a 24.98% stake in the project for developing Blocks 4A and 5A in the Achimov formations of the Urengoyskoye field. As a result, the Gazprom Group’s stake in the project will decrease to 50.01%, while Wintershall Holding will retain its 25.01% share. The parties plan to enter into the final agreement on the deal in early 2019.

“We are opening up new horizons for our 50-year strategic cooperation with OMV. Our reliable Austrian partner is joining another crucial project – the development of the Achimov formations in the Urengoyskoye field. We will sign the final document in 2019, and the development of Blocks 4A and 5A is planned until 2069. This means that we have another 50 years of fruitful work ahead of us,â€? said Alexey Miller.

Vladimir Putin, President of the Russian Federation, and Sebastian Kurz, Federal Chancellor of Austria, opened at the State Hermitage Museum the “Imperial Capitals: St. Petersburg, Vienna. Masterpieces of Museum Collectionsâ€? exhibition organized with support from Gazprom and OMV.