"Gazprom" revises its contract with OMV.

"Gazprom" has agreed to review the contract for the supply of gas to Austrian OMV. According to market participants, the contract is likely to revise the pricing formula - the price of gas of "Gazprom" is now linked not only to a basket of petroleum products, but also to the spot price of gas in Europe.

Yesterday "Gazprom" and Austrian OMV agreed to revise the terms of the contract for the supply of gas. The company refused to talk about the nature of the changes, the head of OMV, Gerhard Royce only stated that "long-term contract is now based on a new parameters, which reflect the changing market conditions". OMV also reported that "the partners emphasized the role of Baumgarten (the point of delivery of Russian gas to Austria - "the Kommersant") as an important hub for Russian gas exports". In 2014 "Gazprom" has delivered 4 billion cubic meters of gas to Austria - 23% less than the year before.