Press release, September 23, 2020

ÖBAG welcomes strategic cooperation between its portfolio companies

Energy solutions: VERBUND and OMV conclude agreement to maintain critical infrastructure in Austria

The Austrian Federal Holding and Investment Company (ÖBAG) welcomes the signing of a purchase agreement announced today between its portfolio companies Verbund AG and OMV AG for 51 percent of the shares in Gas Connect Austria GmbH (GCA). As an Austrian natural gas transport partner, GCA is a central hub in the European natural gas network. It operates a high-pressure natural gas pipeline network of approximately 900 kilometers in Austria and is ideally positioned for the future transport of green gas to Austria and Europe.

ÖBAG board member Thomas Schmid: “As the representative of the interests of Austrian taxpayers, ÖBAG considered it essential that Gas Connect Austria’s gas infrastructure, so vital to Austria’s economy, remain in Austrian hands. With the acquisition of GCA, Verbund can further expand its regulated business and concentrate on energy infrastructure. OMV, in turn, can focus more intently on the challenges of the evolving energy market.”

Verbund, through its subsidiary Austrian Power Grid AG (APG), the operator of the Austrian electricity transmission network, can draw on extensive experience in operating regulated infrastructure. "I am convinced that the Austrian hydrogen strategy will benefit the importance of the gas network in the future. In recent years, Verbund, as an experienced and reliable partner, has successfully secured Austria's economic position with its central supply infrastructure," said ÖBAG board member Thomas Schmid.

https://www.oebag.gv.at/wp-content/uploads/2021/02/OTS-OeBAG_-VERBUND_OMV_.pdf