Russia’s Gazprom, OMV to sign binding deal on asset swap Wed

MOSCOW, Dec 14 (PRIME) -- Russian gas giant Gazprom and Austria’s OMV have reached a binding agreement to swap their assets and will sign the deal on Wednesday, OMV said in a statement.

Under the deal, OMV will receive a 24.98% stake in a project for development of two fields of Achimov deposits of the Urengoiskoye field. In exchange, Gazprom will receive a 38.5%stake in Norway’s OMV Norge AS.

The deal does not envisage any cash payments except for potential payments for closing the deal.

The agreement will come in force on January 1, 2017. The signing of the final documents is expected in mid-2017.

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