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Gazprom, OMV extend natural gas supply deal through 2040

Russian oil giant PJSC Gazprom signed an agreement to extend its current natural gas supply contract with Austrian oil company OMV AG through 2040.

The original contract between Gazprom Export LLC and OMV Gas Marketing & Trading GmbH was set to run through 2028.

"By 2030, the European Union will have to import more than 80 percent of the needed natural gas. By extending this gas supply contract, we will provide Austria and other European countries with natural gas despite the increase in demand. Moreover, it will allow us to reduce CO2 emissions," Rainer Seele, OMV executive board chairman, said in a June 5 news release.

Natural gas accounts for about 23% of Austria's energy mix.

At the time the deal was hammered out, the parties also discussed the construction of the Nord Stream 2 project, a gas pipeline with a planned annual capacity of 55 billion cubic meters that will connect Russia and Germany across the Baltic Sea.