OMV and Gazprom have signed a shareholder agreement for South Stream Austria, a joint project company created to build the South Stream gas pipeline in Austria. The Agreement envisages parties’ cooperation to construct the Austrian section of South Stream gas pipeline with the capacity of 30 to 32 bcm/year running from the Hungarian border to the end point in Baumgarten. As part of the signed Agreement, the final investment decision based on agreed criteria was taken on the pipeline construction in Austria. Also a Plan of Activities for 2014-2016 was signed. Parties expect all construction permits to be obtained until late 2015. South Stream is planned to be commissioned in Austria in late 2016.
South Stream is Gazprom's global infrastructure project aimed at constructing a gas pipeline with a capacity of 63 bcm/year across the Black Sea to Southern and Central Europe for the purpose of diversifying the natural gas export routes and eliminating transit risks. First gas via South Stream will be supplied in late 2016. The gas pipeline will reach its full capacity in 2018.