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GAZPROM

September 29, 2006

Gazprom and Austrian companies extend contracts for Russian natural gas supply to Austria till 2027

Yesterday, in Vienna, Alexander Medvedev, Deputy Chairman of the OAO Gazprom Management Committee, Dr. Wolfgang Ruttenstorfer, Chief Executive Officer and Chairman of the Executive Board of OMV AG, Dr. Werner Auli, Chief Executive Officer of OMV Gas GmbH, Michael Peisser, Managing Director of EconGas GmbH, Dr. Christoph Hiller, Managing Director of GWH GmbH and John F. Skinner, Chief Executive Officer of Centrex Europe Energy & Gas AG entered into the long-term Contracts for natural gas supply to Austria.

In view of the Austrian gas market liberalization and OMV natural gas trading activity restructuring, the parties agreed that a 50 per cent owned subsidiary of EconGas would be the purchaser of Russian gas instead of OMV Gas International, with GWH and Centrex Europe Energy & Gas obtaining the opportunity to directly sell gas to Austrian consumers including in Karnten (Carinthia), Steiermark and Salzburg.

In pursuance of the Contracts signed, Gazprom will be annually supplying Austria with some 7 bcm of gas till 2027 (the earlier inked Contracts for the Russian gas supply to Austria expire in late 2012).

“The new Contracts with the Austrian counterparts is another example Gazprom’s success while implementing its strategy to access the end user market in European countries and enhance the efficiency of Russian gas export,” noted Alexander Medvedev.

Reference:

Within more than 35 years Austria’s largest company OMV has been the major business partner of the Russian gas industry. The largest shareholder of OMV is the state (via the ?IAG holding company owning a 31.5 per cent stake). The remaining shares are held by the International Petroleum Investment Company of Abu Dhabi (17.6 per cent) and private companies (50.9 per cent). OMV was the first Western company to enter in 1968 into a long-term contract for the purchase of natural gas in the USSR.

As at September 1, 2006, Austria has received a total of some 150 bcm of Russian natural gas.

OMV Gas International was established in early 2006 as an OMV holding company responsible for the natural gas business including gas logistics and storage through OMV Gas GmbH (a wholly owned subsidiary of OMV) and international gas logistics projects (Nabucco, Adria LNG), as well as gas trading via a 50 per cent owned subsidiary of EconGas GmbH and Petrom Gas (a wholly owned subsidiary of Petrom).

To promote the activity of OMV Gas International, EconGas GmbH establishes direct contacts with OOO Gazexport and, thus, replaces the previous contract partner.

EconGas is a joint venture between OMV (50 per cent), Wien Energie (15.7 per cent), EVN (15.7 per cent), OO Ferngas (15.55 per cent), der BEGAS (2.6 per cent) and der Linz AG (0.45 per cent). EconGas operates in Austria and Europe as well as trades in natural gas at international gas hubs. EconGas’ 2005 sales exceeded 7 bcm of gas.

The GWH GmbH Russia-Austria Trading House was set up in 1991. The shareholdings are split in the following way: Gazexport (50 per cent), Centrex Europe Energy & Gas (24.9 per cent) and OMV (25.1 per cent). Along with gas imports, GWH also purchased equipment for Gazprom. At present, the company is focused on gas trading and transit.

Centrex Europe Energy & Gas AG (Austria) was founded by ZAO AB Gazprombank to operate in the energy sector of liberalized European markets.

 

 

 

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