South Stream Austria News

OMV & Gazprom to Build South Stream in Austria by 2016

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.