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Gazprom, OMV sign binding basic agreement on asset swap

Staff Writer |
Alexey Miller, chairman of the Gazprom Management Committee, and Rainer Seele, chairman of the OMV executive board, signed in Vienna the Basic Agreement regarding the asset swap.

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Gazprom will receive a 38.5 percent stake in OMV Norge AS, a company focused on geological exploration and production in Norway.

In exchange, OMV will obtain a 24.98 percent stake in the project for developing Blocks 4 and 5 of the Achimov formations in the Urengoy oil, gas and condensate field.

The deal is subject to an agreement on the final transaction documents, regulatory approvals and further corporate approvals.

"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.

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