PJSC Gazprom Adr. (OGZPY)

[mick]

Gazprom, OMV agree on outline for swap of Norway, Siberia assets
Dec. 14, 2016 10:20 AM ET|By: Carl Surran, SA News Editor
Gazprom (OTCPK:OGZPY) and Austria's OMV (OTC:OMVJF) reach an outline deal to swap a 38.5% stake in OMV's Norwegian unit for a 25% in a section of Gazprom's Urengoy gas field.

The companies say they are optimistic about obtaining approval from Norwegian authorities for the deal, after Gazprom had said previously that Norway might block it from acquiring a stake larger than 25% in OMV's Norwegian holding.

The effective date of the deal will be Jan. 1, pending regulatory approval, with the final deal expected to be sealed in the middle of next year.