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Gazprom, OMV to take one more step on asset swap deal in summer — OMV CEO

May 11, 11:56 UTC+3
On April 1, 2016 the companies signed the second agreement on the main terms of the exchange of assets, which identifies assets for participating in the transaction on the part of OMV
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© EPA/ROBERT JAEGER

VIENNA, May 11. /TASS/. Russia’s Gazprom and Austria’s OMV will take one more step on the planned asset swap deal, OMV CEO Rainer Seele said Wednesday.

"We’re now at the all-time high of our negotiations, and I think it will last into the summer," he said.

According to Chief Executive Officer, the result will depend on "how the negotiation will work." "We need to have a successful result for both parties of the negotiations, so the next step I would see mainly in summer of this year," Seele said.

In September 2015, Gazprom and OMV inked the term sheet regarding an asset swap. Subject to the swap deal, OMV will acquire a 24.98% stake in the project for developing Blocks 4A and 5A of the Achimov deposits at the Urengoy oil, gas and condensate field in exchange for Gazprom’s participating interest in OMV.

On April 1, 2016 the companies signed the second agreement on the main terms of the exchange of assets, which identifies assets for participating in the transaction on the part of OMV. Particularly, OMV offered assets on the Norwegian shelf and in the North Sea for exchange.

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