“Gazprom” postponed the exchange of assets with the Austrian OMV

The logo of the company “Gazprom”

Photo: Ekaterina Kuzmina/RBC

The transaction on exchange of assets between Gazprom and Austria’s OMV, is scheduled for late 2016, was postponed to next year. Exchange interferes with the position of Norway, which does not allow Gazprom to more than 25% in offshore projects

Gazprom plans to close the deal on an asset swap with Austria’s OMV in 2017, said Deputy Chairman of the company Alexander Medvedev in interview to corporate magazine “Gazprom” published on Wednesday (the interview is at the disposal of RBC).

“In case of successful completion of the transaction OMV will receive 24,98% stake in the project to develop parcel 4A and 5A Achimov deposits in the Urengoy field. For its part, we identified assets that would get in the exchange with OMV. We are talking about production assets on the Norwegian shelf,” — said Medvedev.

“Gazprom” September 2015 signed an agreement to exchange assets with OMV, which provided that the Austrian company will receive a share in projects for the extraction of hydrocarbons on two Achimov areas, and Russian — in projects on the Norwegian shelf of the North sea, where OMV. “I think there are good chances before the end of [2016] year, all closed”, — said in June Medvedev, speaking at the conference “Prospects of energy cooperation between Russia and the European Union. Gas aspect” (quoted by TASS).

However, in September the German magazine Der Standard reported that OMV offers Gazprom no more than 25% in projects on the Norwegian continental shelf because of the requirements of the Norwegian government. Thus for such a restriction of the share of OMV may have to pay to “Gazprom” monetary compensation in exchange of assets, sources told Der Standard.

In an interview with Reuters in mid-September, Medvedev said that Gazprom does not agree to such a restriction: “I Will be meeting with the Norwegian Ministry, see why they limit participation in the holding company to 25%. We don’t want this situation to deal with.” “I hope that there will not be politicization. Given the fact that “Rosneft” works without problems, we expect that in relation to our participation in the assets of OMV will have no problems,” he added.

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