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Gazprom and Austria’s OMV sign asset swap deal

December 14, 2016, 19:30 UTC+3 VIENNA

The companies plan to close the deal on swap of assets on January 1, 2017

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VIENNA, December 14. /TASS/. Russian gas giant Gazprom and Austrian oil and gas company OMV have signed a basic agreement on asset swap, the company said in a press release.

The document was signed at OMV’s headquarters in Vienna.

The companies plan to close the deal on swap of assets on January 1, 2017.

As a result Gazprom will receive 38.5% in Norwegian subsidiary of OMV - OMV (Norge) AS. The Austrian company will get 24.98% in development of 4 and 5 sites of the Achimovsk deposits of the Urengoy field in Siberia.

"The Basic Agreement specifies the share that Gazprom will receive in the asset of OMV as part of the asset swap; it also contains some other commercial terms and is legally binding. In essence, the basic parameters of this deal have been determined. We plan to agree and sign the final documents by mid-2017," said Alexey Miller as quoted by the press release.

"The signing of the Basic Agreement is a further milestone to foster the long lasting partnership between OMV and Gazprom. With this, OMV laid the foundation to reach one of its most important strategic targets. The project will substantially increase our reserve base. We will identify further projects and opportunities with Gazprom to expand our cooperation," said Rainer Seele as quoted by the press release.

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