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Gazprom to Build Pipeline to Austria as Gas Beats Tensions

OAO Gazprom agreed with oil and gas producer OMV AG to extend a planned natural gas pipeline into Austria, on the same day the European Union expanded sanctions against Russian officials.

As much as 32 billion cubic meters of gas a year will be delivered to Baumgarten, Austria, through a section of the South Stream pipeline, Vienna-based OMV said in a statement yesterday. The first gas deliveries are planned for 2017, under the memorandum of understanding the OMV Chief Executive Officer Gerhard Roiss and Gazprom CEO Alexey Miller signed in Moscow.