OREANDA-NEWS.   The fully consolidated OMV subsidiary EconGas has reached an interim agreement with its long-term natural gas supplier Gazprom Export, effective as of April 1, 2013.

OMV CEO Gerhard Roiss: "This is a positive milestone in ensuring that EconGas is moving towards a more competitive position. The new arrangement reflects our sustainable partnership with our long-term gas suppliers. We appreciate the result of the constructive negotiations which put us closer to the current market conditions in terms of natural gas."

During the regular price revision negotiations with the natural gas supplier Gazprom Export, an acceptable interim arrangement was reached. Under this interim agreement the terms of the long-term gas supply contract have been adjusted to more closely reflect the current market conditions on European gas markets and there exists a further possibility to review the contractual terms established in the near future.

Hans-Peter Floren, OMV Executive Board member responsible for Gas and Power: "This interim agreement together with the recently adjusted terms of the agreement with Statoil effective as of October 1, 2013, enables EconGas to deliver an improved performance in the near future."

Due to the confidentiality undertakings in the agreement, it is not possible to disclose further details of the adjustments.