Austria: Gazprom & OMV Signs Natural Gas Extension Agreement

Austria: Gazprom & OMV Signs Natural Gas Extension Agreement

A major milestone in securing the future energy supply of Austria and Europe is signified

Gazprom and OMV has signed an agreement for the extension of natural gas supplies to Austria until 2040. The current gas supply contract would have run until 2028.

Due to highly efficient gas-fired power plants which will gradually replace those powered by coal, OMV believes that Europe’s natural gas demand will rise, while at the same time, equity production is set to decline in Europe, as recently seen in the Netherlands. Demand for natural gas in Europe will increase by more than 20% by 2030, according to the International Energy Agency (IEA).

“The Agreement signed today is yet another testament to the growing need for gas imports both in Austria and Europe in general – the need that Gazprom is ready to satisfy,” said Alexey Miller, Chairman of the Gazprom Management Committee. “By implementing the construction project for the Nord Stream 2 gas pipeline, we will make gas deliveries even more reliable for the benefit of consumers.”

Chairman of the OMV Executive Board, Rainer Seele: “By 2030 the European Union will have to import more than 80% of its demand for natural gas. With the extension of the gas supply contract, we are making an important contribution to the supply for Austria as well as for other European countries in the light of increasing demand. This will also enable us to reduce CO2 emissions.” PWKD07062018

Last modified onThursday, 07 June 2018 07:58
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