Handelsblatt Exclusive

OMV Chief Plays Down Risks from Russia Gas Field Acquisition

Chief executive of Austrian energy group OMV Seele addresses a news conference in Vienna
Picture Source: Reuters

The head of Austrian oil and gas giant OMV said he sees no calculable risks from the company’s acquisition of a major gas field in western Siberia.

“We consider the risk from Russia to be negligible. We don’t have a war situation there, as we do in Libya or Yemen, where we are also active,” OMV CEO Rainer Seele said in an interview with Handelsblatt.

The Austrian firm acquired a 25-percent stake in the gas field from German energy firm Uniper for €1.75 billion ($1.85 billion) earlier on Monday. Mr. Seele said he expects the Russian oil firm Gazprom to be a reliable partner in the gas field, noting that the company had consistently delivered dividends to partners Uniper and Wintershall. He added that he does not expect the “political risks” stemming from frayed ties between Russia and Europe to impact OMV’s relationship with Gazprom.

Read the full story in Tuesday’s Handelsblatt Global.

Want to keep reading?

Subscribe now or log in to read our coverage of Europe’s leading economy.