OMV, Gazprom Sign Basic Sale Agreement for Stake in Phase Developments
October 04 2018 - 1:40AM
Dow Jones News
By Anthony Shevlin
OMV AG (OMV.VI) said late Wednesday that it has signed a basic
sale agreement with Gazprom PJSC (GAZP.RS) for the potential
acquisition of a 24.98% stake in the Achimov IV and V phase
development in the Urengoy gas and condensate field, Russia.
The Austrian company said the purchase price is to be negotiated
in good faith and that the new agreement replaces one between both
parties from Dec. 14, 2016.
The agreement from 2016 provided for a potential asset swap of
the stake against a 38.5% participation of Gazprom in OMV AS.
The signing of the final transaction documents is expected early
next year, OMV said.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com;
@anthony_shevlin
(END) Dow Jones Newswires
October 04, 2018 01:25 ET (05:25 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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