Gerhard Roiss

The future head of Austria's OMV Rainer Seele appears to be planning a new route for Russian gas to Europe bypassing Ukraine jointly with Gazprom, according to Austrian newspaper Die Presse.

Seele will take the helm at one of the most powerful energy companies in central Europe on 1 July to replace OMV's current CEO Gerhard Roiss, who is set to step down at the end of June.

Austrian energy group OMV said on May 18 it was unlikely to resume production in war-torn Libya or Yemen before winter, after headline profit fell by half as low oil prices weighed on its upstream business.

Austrian oil and gas company OMV has said it continues consultations with Russian energy giant Gazprom on the South Stream gas pipeline project.

According to a media statement of the company, as cited by TASS, talks between OMV and Gazprom are ongoing.

Italy's Sapiem, majority owned by Eni, announced that it had been notified about the suspension of the project.

Gerhard Roiss, CEO of Austrian oil and gas company OMV said that Russia's announced cancellation of the South Stream pipeline was not to have major consequences.

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The confrontation between the Russia and the West over Ukraine will not cancel the planned construction of the South Stream gas pipeline, according to OMV CEO Gerhard Roiss.

Roiss, as cited by RIA Novosti, commented that the gas pipeline project was a 50-year project and a delay of a few months was not an issue.

Austrian energy concern OMV has assured restrictive EU measures against Russia will not put a wheel on the South Stream gas pipeline project.

The company's CEO Gerhard Roiss was quoted by Austrian daily Kurier as comparing a ban on the construction of South Stream to "shooting oneself".

He dismissed any likelihood that sanctions could have an impact on the project.

Russian concern Gazprom struck Monday an agreement with oil and gas company OMV on the construction of Austria's stretch of the South Stream gas pipeline.

The agreement was signed on Tuesday, the day of a visit by Russian President Vladimir Putin to Vienna where he meets Austrian counterpart Heinz Fischer.

Russia and Austria set up joint South Stream company

VIENNA -- Russia and Austria have agreed on a joint company to construct the Austrian arm of the USD 45 billion South Stream gas pipeline project, RT.com is reporting.

The pipeline will deliver 32 billion cubic meters of Russian gas to the country, bypassing Ukraine.

Russian Gazprom and Austrian OMV signed on Tuesday a memorandum of understanding to build the Austrian section of the South Stream gas pipeline.

The Memorandum was inked at the headquarters of OAO Gazprom at a working meeting between the Chairman of the Management Committee Alexey Miller and the OMV Chairman of the Executive Board, CEO Gerhard Roiss.