OMV, Gazprom Agree on Amendment to Existing Gas Supply Contract

Austria’s OMV and Russia’s Gazprom sealed a deal for amended gas supply contracts, not disclosing the contract details.

‘In view of strengthening their longstanding partnership OAO Gazprom and OMV (through its subsidiary EconGas) have agreed today on an amendment for the existing gas supply contract. The long-term contract has thereby been placed on a new footing that reflects changing market conditions’ reads a note released on Wednesday.

The importance of the contract is proven by the signatories. The amendment to the contract has been signed on Wednesday by by Alexander Medvedev, Gazprom Deputy Chairman of the Management Committee, and OMV CEO Gerhard Roiss. 

“Today, Gazprom and OMV have taken an important step to secure long-term gas supplies to Austria. When signing the document, both partners also underlined the role of Baumgarten as an essential hub for Russian gas exports” Roiss commented.