Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Austrian energy group OMV snaps up stake in Russian gas field

Share this article

Austrian energy group OMV snaps up stake in Russian gas field
OMV's headquarters in Vienna. Photo: AFP
13:41 CET+01:00
Austria's OMV said that it is buying a 24.99-percent stake in one of Russia's biggest gas fields for $1.85 billion.

The Yuzhno-Russkoye field in western Siberia produces 25 billion cubic metres per year, OMV said late on Sunday.

"The gas produced there is the key resource for the Nord Stream pipeline transporting Russian gas straight to Germany," OMV said in a statement.

OMV is buying the stake from Uniper, a unit of Germany's EON. Russia's Gazprom is the biggest shareholder in the gas field with 40 percent.

The deal is expected to be finalised by the end of the year, provided it receives the necessary regulatory approvals, OMV said.

OMV and Gazprom are deepening ties as Russia intensifies cooperation with its old partners in western Europe amid international sanctions over Ukraine, Bloomberg reported.

Get notified about breaking news on The Local

Share this article

From our sponsors

QUIZ: Which influential Icelander are you?

Iceland may have a population of just over 330,000 people (all with equally unpronounceable names) but that doesn't stop it churning out a stream of globally-renowned people. Take our quiz to discover your Icelandic spirit animal.