Austrian oil firm buys 25 pct of Gazprom’s Siberia gas field

VIENNA, Austrian oil and gas company (OMV) said Friday it agreed in principle with Gazprom to purchase around 25 percent of the Russian company’s largest gas field in Western Siberia, one of the world’s largest gas producers.

OMV said in a statement the deal valued 905 million euros.

The final agreement will be signed by end of this year following necessary approvals and permissions from the two sides, it said.

OMV said production from the Russian gas field would start in 2022.

Source: Kuwait News Agency