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.

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