OMV-Gazprom agreement on amendment to gas supply contract
In view of strengthening their longstanding partnership OAO Gazprom and OMV (through its subsidiary EconGas) have agreed recently on an amendment for the existing gas supply contract. The long-term contract has thereby been placed on a new footing that reflects changing market conditions.
The amendment to the contract has been signed in Vienna by Alexander Medvedev, Gazprom Deputy Chairman of the Management Committee, and OMV CEO Gerhard Roiss. Both parties have agreed not to disclose the contract details.
According to Gerhard Roiss “Gazprom and OMV have taken an important step to secure long-term gas supplies to Austria; when signing the document, both partners also underlined the role of Baumgarten as an essential hub for Russian gas exports.”
OMV is a well-established European import partner to Gazprom and Austria has received natural gas from Russia since 1968. The party of the amendment contract for the Russian natural gas is OMV subsidiary EconGas, in which OMV holds a 64.25% stake.