OREANDA-NEWS. January 28, 2008. In Vienna (Austria) Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Dr. Wolfgang Ruttenstorfer, Chief Executive Officer of OMV AG have signed a Cooperation Agreement.

Pursuant to the Agreement, Gazprom Group will receive a 50 per cent stake in the Central European Gas Hub (CEGH) located at Baumgarten. At the moment CEGH is wholly owned by OMV Gas International, a subsidiary of OMV AG.

Additionally, the Agreement contains the accord between the companies to implement joint underground gas storage projects both in Austria and neighboring countries.

“This Agreement is another milestone in a roughly 40-year history of cooperation between our companies. Today we have taken another important step to ensuring the security of natural gas supply to Europe,” said Wolfgang Ruttenstorfer.

“The Cooperation Agreement signed with OMV AG is a crucial contribution into Europe’s natural gas supply security. Gazprom’s participation will create extra conditions for the Central European Gas Hub to become a leader among European trading venues as well as to bolster the continental natural gas market flexibility,” said Alexander Medvedev.