Tuesday, 23 January 2018 11:27 GMT

Gazprom to buy 24.9 percent stake in UAE's OMV

(MENAFN) Gazprom plans to buy a 24.9 percent stake in Austrian oil and gas firm OMV, a source familiar with the talks said, a deal that would deepen already controversial Austro-Russian ties if it comes to fruition, according to Arab New

Buying the stake would give state-controlled Gazprom a beachhead in the European Union, which has serious issues with its planned gas pipeline through central Europe to Austria and has imposed sanctions over Russia's annexation of Crime

'Talks were held but they have yet to decide on pricing," the source sai

Austrian state holding company OIAG, which holds 32 percent of OMV in a shareholder pact with Abu Dhabi's International Petroleum Investment Co. (IPIC) and coordinates any shareholding changes, said it had seen no sign IPIC wanted to exit

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