Gazprom’s Acquisition of a Stake in the Central European Gas Hub
On January 25, 2008, Russia’s Gazprom and Austria’s OMV signed an Agreement of Cooperation in Vienna. Through this agreement, Gazprom acquired a 50% stake in the Central European Gas Hub (CEGH) at Baumgarten in Austria. CEGH is wholly owned by OMV Gas International, a subsidiary of OMV AG, Austria’s largest oil and gas group. According to the agreement, both these companies will jointly develop new underground gas storage projects in Austria and neighboring countries.
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