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Nord Stream 2 deemed important for European energy system

August 23, 2016, 18:45

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the Executive Board of OMV, took place at the Gazprom headquarters today.

The parties noted that Russian gas supplies to Austria continued growing. Preliminary data show that between January 1 and August 21, 2016, Gazprom has exported to Austria 17.8 per cent more than in the same period of 2015.

In view of the high demand for Russian gas in most European countries, the meeting participants stressed that the Nord Stream 2 gas pipeline was important for the European energy system. Alexey Miller pointed out that the project was running strictly on schedule.

Another issue discussed at the meeting was the asset swap between the companies.

Background

Nord Stream 2 is the project for the construction of a gas pipeline with the annual capacity of 55 billion cubic meters running from Russia to Germany across the Baltic Sea.

On September 4, 2015, Gazprom and OMV signed the Term Sheet regarding an asset swap. If the deal is completed, OMV will acquire a 24.98 per cent stake in the project for developing Blocks 4A and 5A of the Achimov deposits at the Urengoyskoye oil, gas and condensate field in exchange for Gazprom's participation in OMV assets. On April 1, 2016, Gazprom and OMV signed the second Term Sheet regarding an asset swap. The document specifies, inter alia, the assets to be provided by OMV.

In 2015, Russian gas exports to Austria grew by 11.5 per cent compared to 2014 (from 3.9 to 4.4 billion cubic meters).

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