FOLLOWING THE full liberalization of the Austrian gas market and the approval of the cartel authority on 23 October, OMV subsidiary (see below) EconGas GmbH will commence its business operations with corporate clients as the Austrian gas supplier at the beginning of 2003.
With a growth strategy clearly focused on Central Europe, the company’s primary target markets are Austria and its neighbouring countries.
EconGas’ core businesses are the direct sale of natural gas to clients with a minimum annual consumption of 500,000cum, and natural gas trading in international centres and stock exchanges. These include Zeebrugge (Belgium) and Oude-Bunde-Emden on the German-Dutch border, and will eventually incorporate Baumgarten in North-Eastern Austria.
The company has set itself an annual sales target of 5.5Bcum of natural gas. EconGas has registered offices in Vienna and a branch office in Linz, and is owned by Begas (2.6%), EVN (15.7 %), Linz Gas/WÌ_rme (0.45%), OMV Erdgas (50%), Ferngas (15.55%), and Wiengas (15.7%).