OMVKY Omv Ag Bearer (PK)

By Joshua Kirby

Austria's OMV AG said late Tuesday that it is calling off negotiations with Russian state gas company Gazprom PJSC over a potential acquisition and will also review its involvement in the Nord Stream 2 gas pipeline, becoming the latest European energy company to back away from its Russian interests after the country invaded neighboring Ukraine last week.

OMV won't pursue the potential acquisition of a roughly 25% stake in the Achimov 4A/5A phase development at Gazprom's Urengoy gas and condensate field, and will terminate a basic sale agreement dating from October 2018, it said.

The energy company will furthermore review its involvement in the now-halted Nord Stream 2 pipeline linking Russia to Germany. Nord Stream 2 AG, the Switzerland-based company behind the pipeline, is owned by Gazprom. OMV helped finance the pipeline along with Shell PLC, France's Engie SA, and Germany's Uniper SE and Wintershall Holding GmbH.

Various European energy companies have withdrawn from their Russian interests in recent days after the country sent troops into Ukraine. Shell said Monday that it would exit its joint ventures with Gazprom, after peer BP PLC said it would divest its nearly 20% stake in state-controlled oil producer Rosneft.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

March 02, 2022 01:37 ET (06:37 GMT)

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