A working assembly between Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the Executive Board of OMV, occurred in St. Petersburg on November 5.

In the course of the assembly, the events signed an Amendment to the contract on fuel provides to Austria. According to the doc, fuel deliveries to Austria can be elevated by 1 billion cubic meters per yr past the contractual quantity for the complete contract interval.

“Over the previous few years, Gazprom has been setting new data for exports to Austria. In the primary ten months of 2018 alone, fuel provides to the nation have grown by a 3rd in comparison with the identical interval of 2017, reaching eight.eight billion cubic meters. The signing of a doc on further exports past the contractual quantities serves as one more proof of the excessive demand for Russian fuel on the a part of our European shoppers,” mentioned Alexey Miller.

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“Europe’s demand for fuel will rise primarily as the results of gas-fired energy crops successively changing coal, coupled with the simultaneous lower in European manufacturing. By rising fuel provides to Baumgarten in Lower Austria, we’re making an extra contribution to safety of provide in Austria – in addition to to different European international locations,” mentioned Rainer Seele.

In addition, the events mentioned additional steps within the implementation of the agreements signed in October of this yr, such because the doc establishing a Joint Coordinating Committee for the needs of collaboration between the businesses, in addition to the upcoming deal throughout which OMV will acquire a stake within the venture for creating Blocks 4A and 5A within the Achimov formations of the Urengoyskoye subject.

Background

OMV is Gazprom’s major accomplice in Austria. The firms cooperate in fuel manufacturing, transportation and provides.

Since 2017, OMV has been partnering with Gazprom within the Yuzhno-Russkoye oil, fuel and condensate subject improvement.

On June 5, 2018, an Agreement was signed to increase till 2040 the prevailing contract between Gazprom Export and OMV Gas Marketing & Trading for Russian fuel provides to Austria. The contract had been legitimate till 2028.

June 1, 2018, marked 50 years since signing the Agreement on pure fuel provides to Austria.

On October three, 2018, Gazprom and OMV signed the Basic Agreement on Asset Sale.

On October four, 2018, Gazprom and OMV inked the Memorandum on Strategic Cooperation.

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In 2017, Gazprom set a brand new report for fuel exports to Austria at 9.1 billion cubic meters, an increase of 50.three per cent (three billion cubic meters) from 2016 (6.1 billion cubic meters) and 33.7 per cent (2.three billion cubic meters) from 2005, when the earlier report had been reached (6.eight billion cubic meters).

Source: energyindustryreview.com

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