December 2, 2014 / 11:37 AM / 5 years ago

OMV plays down impact of South Stream news

BUCHAREST, Dec 2 (Reuters) - Austrian energy group OMV’s chief executive played down on Tuesday the importance of Russia’s apparent cancelling the South Stream gas pipeline project, saying investments in the Black Sea played a much bigger role for the company.

Extending South Stream to Austria as agreed this year would have cost OMV around 100 million euros ($125 million) over three years, compared with the $1 billion it will invest with partner Exxon Mobil to explore a Romanian project in the Black Sea that could produce its first gas by 2020, Gerhard Roiss told reporters.

He said he had not been in contact with partner Gazprom about the status of South Stream after Russia surprisingly announced on Monday it had scrapped the $40 billion project to supply gas to Europe without crossing Ukraine. (1 US dollar = 0.8034 euro) (Reporting by Shadia Nasralla, Editing by Michael Shields)

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