OMV, Gazprom ink cooperation deals

Austrian oil and gas company OMV and Russian Gazprom have signed several agreements that will enable them to develop strategic cooperation between the two companies. 

Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the Executive Board of OMV, on Friday signed in St. Petersburg a number of documents aimed at developing the strategic cooperation.

According to OMV, the heads of these two companies signed the Second Term Sheet regarding the asset swap. The document specifies, inter alia, assets on the part of OMV to be included in the asset swap. Assets under discussion for the Gazprom asset swap are participations in OMV North Sea region assets.

Further, the pair signed the agreement for oil supply to OMV from Gazprom Group’s portfolio. In accordance with the document, Gazprom will sell REBCO grade oil to OMV in the course of 2016 on FOB (free on board) terms. In addition, as agreed by the parties, OMV may be supplied with SILCO grade oil.

OMV added that the agreement for scientific & technical cooperation and partnership was also inked on Friday. The document outlines main fields of the scientific & technical cooperation including in gas production, transportation, processing, underground storage and sales, industrial and information security, energy efficiency, environmental protection and hydrogen energetics. Additionally, deeper interaction is intended in the field of R&D management.

Finally, Seele and Miller signed the memorandum of understanding on cultural cooperation. At the initial stage, the document provides for, among other things, sponsoring cultural events in St. Petersburg and Vienna.

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