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Russian gas exports to Austria up 37.9% in 2016

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Russian gas supplies to Austria have spiked up in 2016, rising by 37.9% year on year to 6.1 billion cubic meters, Gazprom said.

That was in line with similar strong increases in Russian exports towards European countries seen over the year.
The upward trend in gas demand in Austria is continuing in early 2017, as gas deliveries were up 109.8% in January and the first half of February 2017 compared to the same period in 2016, Gazprom noted.

The statement came after a meeting between Gazprom's CEO Alexei Miller and the CEO of Austria's OMV, Rainer Seele.

The two parties also discussed the Nord Stream 2 project.

The Eur7.4 billion pipeline project being brought forward by Russia's Gazprom is to play a “crucial role in European energy security” by ensuring “reliable supplies of Russian gas to the European market” Gazprom reiterated.

With a total capacity of 55 Bcm, Nord Stream 2 is to bring “transit-free” natural gas from Russia to Germany across the Baltic Sea.

Gazprom has a 51% stake in the Nord Stream 2 consortium, which also comprises Wintershall Holding, PEG Infrastruktur, Gasunie and Engie.

In addition, the two executives discussed the asset swap deal between Gazprom and OMV.

In December 2016, Gazprom and OMV signed an asset swap agreement which envisages Gazprom will receive a 38.5 per cent stake in OMV Norge, a company focused on geological exploration and production in Norway.

In exchange, OMV will obtain a 24.98 per cent stake in the project for developing Blocks 4 and 5 of the Achimov formations in the Urengoy oil, gas and condensate field.


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