Austria's OMV, Russia's Gazprom Sign Pact

Austrian integrated oil and gas company OMV and Russian energy giant Gazprom have signed a Memorandum of Understanding (MoU) for cooperation on Liquefied Natural Gas (LNGLF) (LNG).

The two companies had previously agreed that Gazprom will supply 1.2 billion cubic meters of LNG to OMV in 2020.

On this basis, both partners have now agreed to continue the cooperation beyond the year 2020, including the sale and purchase of conventional and small-scale LNG cargo.

In addition, both companies intend to explore options for the joint development of small-scale LNG infrastructure projects.

“We have been receiving reliable gas supplies from Russia for more than 50 years. Now we are extending our cooperation to LNG. This will contribute to the diversification of sources of supply and help us safeguard security of supply in Europe,” said Rainer Seele, Chairman of the Executive Board of OMV.

OMV produces and markets oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way.