It is reported that OMV Gas & Power GmbH and Russia’s Gazprom Germania GmbH, the world’s largest natural gas company, have agreed with another firm and a stock exchange to develop a gas hub and set up a gas exchange in Central Europe.

This involves the development of the Central European Gas Hub, an Austrian hub operator, into a leading hub platform in continental Europe and the establishment of an exchange for the trading of gas products on the spot and the futures market.

The statement said that the other parties in the agreement are Wiener Börse AG, the operator of the Vienna Stock Exchange, and the firm operating in the natural gas sector, Centrex Europe Energy & Gas AG.

OMV’s subsidiary CEGH is a gas hub platform being operated by the parent company in addition to the physical gas hub functions in Baumgarten and has recently been converted into a joint stock corporation called Aktiengesellschaft.

The deal is expected to be completed by next year, after which OMV Gas and Gazprom will have a respective participation of 30% in the CEGH. Wiener Börse and Centrex Europe will acquire 20% each.

The regulatory authorities involved will have to approve the transaction in accordance with the Austrian Stock Exchange Act and the European merger control regulations.