Russian giant Gazprom and Austrian OMV Gas Marketing & Trading signed an extension to the existing contract for the supply of Russian natural gas to Austria until 2040. 

The extension was signed during the meeting between Gazprom’s head Alexey Miller and his OMV counterpart Rainer Seele.

Speaking of the agreement, Miller said it is a “testament to the growing need for gas imports both in Austria and Europe in general.”

Seele added that “by 2030, the European Union will have to import more than 80 percent of the needed natural gas. By extending this gas supply contract, we will provide Austria and other European countries with natural gas despite the increase in demand.”

During the meeting, the two parties also focused on the Nord Stream 2 project and the importance of developing gas transmission capacities amid the decline in domestic production in Europe.