The construction of the Nord Stream-2 natural gas pipeline from Russia to Germany remains on schedule, Russian gas monopoly Gazprom and Austria’s OMV said, following discussions between the companies in St Petersburg on January 28.

Gazprom CEO Alexey Miller and OMV Chairman Rainer Seele discussed the ongoing construction of the Nord Stream 2 gas pipeline. According to Gazprom, the parties stressed the importance of creating a new route for exports from Russia with a view to improving Europe’s energy security.

Miller and Seele also reviewed current issues related to cooperation between Gazprom and OMV, noting that 2018 had been marked by the signing of documents that were of strategic importance for further interaction in a wide range of areas.

According to Gazprom, particular attention at the meeting was paid to the growing demand for gas supplied by Gazprom to Austria. In the period from January 1 through January 27, gas exports totalled an estimated 1.2 billion cubic metres, an increase of 35% from the same period of last year.

Since 2017, OMV has been partnering with Gazprom in the Yuzhno-Russkoye oil, gas and condensate field development. In June 2018, an Agreement was signed to extend until 2040 the existing contract between Gazprom Export and OMV Gas Marketing & Trading GmbH for Russian gas supplies to Austria.

In November 2018, an Amendment to the contract on gas supplies to Austria was inked, allowing for gas deliveries to Austria to be increased by 1 billion cubic metres per year beyond the contractual amount for the entire contract period.

In October 2018, Gazprom and OMV signed the Memorandum on Strategic Cooperation a well as the Basic Agreement on Asset Sale, opening the way for OMV to obtain a 24.98% stake in the project for developing Blocks 4A and 5A in the Achimov formations of the Urengoyskoye field.