OMV, Gazprom Reach Interim Agreement On Natural Gas Contracts

Posted: Tuesday, December 10, 2013

The Austrian oil and gas company OMV AG (OMV.VI) and Russia 's Gazprom have reached an interim agreement with its long-term natural gas contracts, OMV said Monday.

MAIN FACTS:

-The fully consolidated OMV subsidiary EconGas has reached an interim agreement with its long-term natural gas supplier Gazprom Export, effective as of April 1, 2013 , OMV said.

-Under this interim agreement the terms of the long-term gas supply contract have been adjusted to more closely reflect the current market conditions on European gas markets and there exists a further possibility to review the contractual terms established in the near future, OMV said.

-OMV declined to disclose further details of the adjustments to the contracts due to the confidentiality agreements, the company said.

(DowJones)