Putin extended the ban on gas purchases from a joint venture with OMV and Wintershall above the established price
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President Vladimir Putin extended the decree that prohibits Gazprom (MOEX: GAZP) to buy gas and services from joint ventures with the Austrian OMV and the German Wintershall Dea at a price higher than that set by the government. The ban has been extended until October 1, 2024.
Document published on the portal of legal information. Officially, this decree is called “On the application of special economic measures in the field of natural gas supplies in connection with the unfriendly actions of certain foreign states and international organizations.” It was accepted on December 22, 2022. It was valid until October 1, 2023.
The decree introduced the norm retroactively – from March 1, 2022. The ban applied to gas, as well as condensate from the Achimov deposits of the Urengoyskoye oil and gas condensate field, gas from the Yuzhno-Russkoye field, and gas and condensate production services at Achim Urengoy. At the same time, the measures established by the decree do not apply to obligations under transactions at auction.
The subsoil user of the Yuzhno-Russkoye field is OJSC Severneftegazprom (40% profit to Gazprom, 35% to Wintershall Dea and 25% to OMV, as well as to traders of JSC Gazprom YURGM Trading and JSC Gazprom YURGM Development).
Block 1A of the Urengoy field is being developed by Achimgaz (a parity joint venture between Wintershall Dea and Gazprom Dobycha Urengoy). Achimgaz is the general contractor for sites 4A and 5A of Achim Urengoy (operator of LLC Achim Development; 74.99% from Gazprom and 25.01% from Wintershall Dea).
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