OMV & Gazprom to Build South Stream in Austria by 2016

By Joseph R. Fonseca
Tuesday, June 24, 2014
Alexey Miller, Chairman of Gazprom's Management Committee

 

Alexey Miller, Chairman of Gazprom's Management Committee and Gerhard Roiss, Chief Executive Officer of OMV inked a Shareholders Agreement for the South Stream Austria joint project company. The document was signed in Vienna today during a visit by Russian President Vladimir Putin to the Republic of Austria.

The Agreement envisages the parties' cooperation while constructing the Austrian section of the South Stream gas pipeline with the annual capacity of 30 to 32 billion cubic meters running from the Hungarian border to the end point in Baumgarten. The signed Agreement includes the final investment decision based on approved criteria for the pipeline construction in Austria, as well as Action Plan over 2014 to 2016. Parties expect all the construction permits to be obtained until late 2015. South Stream in Austria is scheduled for commissioning in late 2016.

“South Stream is supported by major European energy companies. The Agreement with OMV represents an important step in constructing a new trans-European gas transmission route. South Stream will offer additional guarantees of reliability and flexibility of Russian gas supplies to European markets already next year,” said Alexey Miller.

“Today's agreement advances the partnership, which has lasted for about 50 years to the next level. Within the South Stream project, Gazprom and OMV are safeguarding the security of supplies for Europe and, particularly, for Austria. This contract also cements the role of Baumgarten as a key European gas hub,” said Gerhard Roiss.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

Energy

Ithaca’s FPF-1 platform to be moved to Stella field

Ithaca Energy Inc. reports that the "FPF-1" floating production facility has completed the required inclination test as planned and departed the Remontowa shipyard in Gdansk, Poland.

Libya's PFG to Lift Terminal Blockades

Petroleum Facilities Guard has blocked terminals for months. Ras Lanuf, Es Sider terminals damaged by fighting. Libya's Petroleum Facilities Guard (PFG) will

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

News

Kerry to Press ASEAN meeting for talks on SCS Disputes

U.S. Secretary of State John Kerry will urge Southeast Asian nations in meetings in Laos next week to find diplomatic ways to launch talks with China on easing

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Pathogenic bacteria hitchhiking to North and Baltic Seas?

For the first time, AWI scientists have found evidence of living, potentially pathogenic vibrions on microplastic particles. With increasing water temperatures

 
 
Maritime Standards Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1296 sec (8 req/sec)