MOSCOW (Sputnik) — The effective date of the transaction is set for January 1, the company added.
“The swap transaction is envisaged to consist of an acquisition of a 24.98% interest in the Achimov IV and V phase development in the Urengoy gas and condensate field by OMV in exchange for a 38.5% participation of Gazprom in OMV (NORGE) AS. The swap transaction is envisaged to be cash free except for potential customary closing adjustment payments,” the press release said.
The effective date of the transaction is set for January 1, the company added.
OMV announced plans in February to complete an asset swap with Gazprom in 2017, signing an agreement on the terms and conditions of the possible swap giving the Austrian firm a 24.98-percent stake in a project to develop two gas deposit units in Russia in case of a successful deal.
In November, a top OMV executive said that the companies planned to complete the asset swap deal within one to two years after signing the basic agreement.
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