TEHRAN (PIN) -- The National Iranian Gas Company (NIGC) and Austria’s OMV, Central Europe’s leading oil and gas group, are due to sign gas deals.

On the sidelines of the 12th International Oil, Gas and Petrochemicals Exhibition underway in Tehran, agreements were reached to sign a contract in the framework of Iranian participation in the "Nabucco" pipeline, Iran’s LNG ventures (purchasing liquefied natural gas from Iran) and investment deals in Iran’s LNG projects.

The Nabucco pipeline project is due to transport Iranian and Caspian Sea gas through Turkey, Bulgaria, and Romania to Austria and is the European Union’s (EU) attempt at having a common energy policy that would reduce its dependence on Russia.

Austria’s OMV Company General Manager Erich Bauer said EU aimed at reducing its dependence on Russia’s gas and was seeking to transfer the gas of the Caspian Sea and Persian Gulf.

Talking to PIN, Bauer added, “Iran is among the world’s largest holder of gas reserves and the transfer of Iran’s gas to Europe through Nabucco pipeline is a real possibility. “Even after the running of Iran-Pakistan-India (IPI) gas pipeline, the export of Iran’s gas to Europe through Nabucco pipeline is an option.”

It is about two months that Bauer has taken the helm of OMV’s Tehran-based office.

Bauer termed the oil show in Iran as invaluable.

He told PIN the international exhibition provided a good opportunity to exchange views and information on the oil industry.

“We consider the oil and gas exhibition in Iran as a very good opportunity to introduce our activities to other companies, participants, and visitors,” Bauer added.

He underlined that the foreign companies, which were keen to cooperate with Iran, needed to attend the oil show and share their know-how and experience.

“Since its career in Iran in 2001, OMV has been regularly present in the annual oil and gas exhibition,” said the general manager.

OMV is among the giant European oil and gas companies, which is active mainly in exploration and production fields.

The Austrian company is in charge of implementing the project of oil exploration in Mehr Block in the southern Iranian province of Khuzestan.