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Turkish Stream will not directly rival Nord Stream 2 — Austrian OMV

The Austrian oil and gas company OMV is participating in the Nord Stream 2 gas pipeline construction project

© EPA/ROBERT JAEGER

VIENNA, August 10. /TASS/. The Austrian oil and gas company OMV, which is participating in the Nord Stream 2 gas pipeline construction project, does not view the Turkish Stream as a direct rival, Executive Board member Manfred Leitner told a press conference Wednesday.

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"I don’t see actual competition here," he said.

"If we take a look at future transit gas flows supplies (to Central Europe - TASS) may flow through south-east from Turkey and some volumes of gas are likely to meet on the market but this will not influence the project’s implementation," Leitner added.

According to Leitner, OMV expects that the joint venture for implementation of the Nord Stream 2 project can resolve the situation with objections of the Polish regulator against the project.

"We are now preparing an answer. There is a number of points that we will be able to explain," he said.

Leitner reminded that the deadline for clarification is August 16.

Asset swap with Gazprom

Chief executive officer Rainer Seele went on to say that OMV plans to sign legally binding documents on asset swap with Gazprom by the end of 2016.

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"We’re planning to sign legally binding documents on asset swap by the end of the year," he said, adding that "following this Gazprom’s share in OMV’s subsidiary in the North Sea will be defined, and only then we’ll logically launch reconciliation procedures in Russia and Europe."

According to Seele, Gazprom needs some time to define the reserves of oil and gas fields in the North Sea.

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.

In April 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. In end-June Austrian media said the position of Norwegian authorities might hinder the completion of the deal.

Earlier Seele also said "it might take a year or two to get the authorities’ approval."

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