Gazprom and OMV signed a Memorandum of Understanding on LNG cooperation
Today, at the “St. Petersburg International Economic Forum 2019”, Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the Executive Board of OMV, signed a Memorandum of Understanding for cooperation on Liquefied Natural Gas (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.
Background information:
OMV Aktiengesellschaft
OMV produces and markets oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 23 bn and a workforce of more than 20,000 employees in 2018, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Romania and Austria as part of the Central and Eastern Europe core region as well as a balanced international portfolio, with Russia, North Sea, Middle East and Africa as well as Asia-Pacific as further core regions. 2018 daily production stood at approximately 427,000 boe/d. In Downstream, OMV operates three refineries with a total annual processing capacity of 17.8 mn tons and more than 2,000 filling stations in ten countries. OMV runs gas storage facilities in Austria and Germany; its subsidiary Gas Connect Austria GmbH operates a gas pipeline network in Austria. In 2018, gas sales volumes amounted to around 114 TWh. Sustainability is an integral part of the corporate strategy. OMV is set to invest EUR 500 mn in innovative energy solutions by 2025.