Gazprom signs South Stream Austria shareholder agreement

Gazprom and Austrian oil and gas concern OMV signed the South Stream Austria GmbH shareholder agreement setting out the principles for construction of the Austrian segment of the South Stream gas pipeline, in Vienna on Tuesday, in conjunction with President Vladimir Putin's visit to Austria.

Gazprom and Austrian oil and gas concern OMV signed the South Stream Austria GmbH shareholder agreement setting out the principles for construction of the Austrian segment of the South Stream gas pipeline, in Vienna on Tuesday, in conjunction with President Vladimir Putin's visit to Austria.

Gazprom CEO Alexei Miller signed the agreement with his counterpart at OMV, Gerhard Roiss.

Gazprom and OMV own South Stream Austria 50-50. The agreement defines their specific rights and obligations and lays out the principles for financing and distribution of earnings among the shareholders.

The agreement signing was accompanied by approval of the final investment decision on construction of the Austrian segment of the pipeline under the previously agreed criteria, Gazprom said in a statement. The sides plan to secure all necessary permits for construction of South Stream before the end of 2015. The pipeline's Austrian segment is scheduled to start up at the end of 2016.

Read more: Russia and Ukraine achieve initial success in gas talks

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