Total OMV investment in North Stream-2 is estimated at 10 bln

Tass: Austria’s OMV expects to strengthen its position in the Central European gas market
Total OMV investment in North Stream-2 is estimated at 10 bln
18 February 16:50 2016 Print This Article

Austrian oil and gas group OMV estimates its investment in the construction of the Nord Stream-2 project at €10 bln, reports Tass.

According to the company’s CEO Rainer Seele, Austria plans to strengthen its position as a major player in the Central European gas market with the project. OMV expects that Nord Stream-2 will be operative by the end of 2019, reports agency.

According to Mr Seele, the project is financially attractive to the company. “A significant portion of gas will come into the gas distribution point Baumgarten. This saves our strategic role in the supply of southeastern Europe,” he said.

OMV Executive Board Member Manfred Leitner noted that the company is waiting for the decision of the Polish anti-monopoly regulator on the Nord Stream-2 in the coming weeks.

Nord Stream-2 is a project of the natural gas pipeline with the capacity of 55 bln cubic meters from Russia to Germany across the Baltic Sea. The project will be exercised by the joint project company, where Gazprom holds 51%, E.ON, Shell, OMV and BASF – 10% each, and Engie – 9%.

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Davide Lonardi
Davide Lonardi

Giornalista iscritto dall'Ordine Nazionale dal 2011, nutre una particolare passione per il mondo dell'editoria online. Collabora con diverse testate occupandosi anche di strategie di marketing e di personal branding sul web

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