Head of OMV gave a forecast for the timing of the closing of the transaction with «Gazprom»

© RIA Novosti / Konstantin to Collabourate in fotomontajes Seele. Archival photoHead of OMV gave a forecast for the timing of the closing of the transaction with «Gazprom»© RIA Novosti / Konstantin to Collabourate the image Bank

OMV head Rainer Seele awaiting the decision of the Norwegian and Russian authorities, and final closure of the deal to exchange assets between the Austrian company and «Gazprom» not earlier than 2018.

Under the deal, OMV will get 24,98% stake in the project to develop two sites of the Achimov deposits in the Urengoy field, and «Gazprom» — 38.5% in the Norwegian OMV Norge AS. The transaction on exchange of assets does not involve cash settlement, except for potential payments by the closing of the transaction.

«We stated quite clearly that we in this 2017 it is necessary to agree on the corporate structure of participation (in the transaction), and in 2018 — most likely at the end of 2018 — we expect approval of the authorities. So the exchange will be structurally completed until next year,» he told RIA Novosti.

He said that it comes as Norwegian and Russian authorities, and noted that such terms originally stated.

«What matters to us is that economically we agreed on the deal. More important for us now that we are starting at the appropriate time the approval process with the authorities, which will take place this year. This means that we should see what we meant by corporate governance in both companies. And then we will start the approval process with the authorities», — said the Agency interlocutor.

OMV in November reported that it expects completion of the transaction on exchange of assets for one to two years after the signing of the main agreement. The head of «Gazprom» Alexey Miller in December said that for the completion of the transaction will undergo all the necessary conciliation and regulatory procedures in the relevant ministries and departments in Russia and Norway.

In February Seele said that OMV plans to coordinate with the authorities of the Russian Federation and Norway, a deal to exchange assets with Gazprom in summer.

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