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Austrian oil giant OMV, Russia's Gazprom sign MoU on supply

Xinhua, October 24, 2015 Adjust font size:

Austrian oil and gas giant OMV on Friday signed a Memorandum of Understanding (MoU) on oil supply with Russian state-owned Gazprom in Vienna.

OMV Chairman Rainer Seele and Gazprom Chairman Alexey Miller signed the MoU that shows the intent of both parties to consider the possibility of oil supply to OMV from the Gazprom Group portfolio, OMV said in a press release.

The two company leaders also discussed cooperation on the Nord Stream-2 gas pipeline project, which was agreed upon in early September in conjunction with other large European companies such as EON AG, BASF, Shell and Engie.

In addition, the two parties discussed a potential asset swap, OMV said.

The first Nord Stream branch was introduced in November 2011 and the second one in 2012. The gas pipeline, worth 7.4 billion euros (8.3 billion U.S. dollars), goes from Russia to Germany via the bed of the Baltic Sea. Endi