Gas Market News

10 November 2015

OMV punctuates importance of Nord Stream II pipeline project

Gerhard Schröder, the former German Chancellor, and the incumbent chairman of the shareholders committee of Nord Stream AG and Rainer Seele, the CEO of OMV, took part in “energy talks” on energy security in Europe which took place at the Hofburg Palace in Vienna on October 9th attended by 350 European business and political dignitaries.

In the course of discussions both prominent CEOs highlighted the necessity to preserve good relations between Russia and Europe in the energy sphere.

“Russia plays a central role in the question of how we Europeans can secure our energy supply,” Gerhard Schröder said. I believe OMV’s strategy of engaging in Russia is correct, both in terms of the planned construction of the Nord Stream II pipeline as well as gas exploration in Siberia.“

Rainer Seele emphasized the importance of the Nord Stream II pipeline project. “OMV is striving to contribute to stability. Security of supply means finding partners, achieving broad diversification and overcoming barriers,” Mr. Seele said. Security of supply also means investments, such as those in the Nord Stream II pipeline project".

OMV forms part of the consortium of West European companies which signed on October 4, 2015 the Shareholders Agreement to construct the Nord Stream II pipeline system capable of delivering 55 bcm of natural gas from Russia to Germany along an offshore pipeline across the Baltic Sea.

In 1968, OMV became the first Western company to sign a long-term natural gas purchasing contract with the USSR. From the start of supplies to January 1, 2015, Austria received over 190 bcm of Russian natural gas, including 3.95 bcm in 2014.

Related news sections:
Austria, Nord Stream

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