OMV, Gazprom to Jointly Develop European Gas Hub
OMV and Gazprom, along with the further parties Wiener Borse AG, the operator of the Vienna Stock Exchange, and Centrex Europe Energy & Gas AG, a company operating in the natural gas sector, have agreed in principle:
- on a cooperation for the development of Central European Gas Hub (CEGH), an Austrian hub operator, into a leading hub platform in Continental Europe and
- the establishment of a Central European gas exchange providing for the trading of gas products on a spot and futures market.
CEGH, currently a 100% subsidiary of OMV, is a gas hub platform existing in addition to the physical gas hub functions in Baumgarten and has recently been converted into a joint stock corporation (Aktiengesellschaft).
Upon closing of the intended transaction, which is expected to occur in 2009, OMV Gas & Power GmbH and Gazprom Germania GmbH will each hold a 30% participation in CEGH. Wiener Borse AG and Centrex Europe Energy & Gas AG will each acquire a 20% participation in CEGH.
The transaction is subject to approval by regulatory authorities, in particular pursuant to the Austrian Stock Exchange Act and European merger control regulations.
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