ZURICH (Reuters) -Austrian energy group OMV has scrapped plans to take a stake in a Gazprom (MCX:GAZP) gas field project and is reviewing its role in the Nord Stream 2 gas pipeline, it said on Tuesday.
The move comes as several Western companies look to exit Russia as Western sanctions tighten the screws on Moscow over its invasion of Ukraine.
"Today, the Executive Board of OMV has decided to not further pursue negotiations with Gazprom on the potential acquisition of a 24.98% interest in the Achimov 4A/5A phase development in the Urengoy gas and condensate field and to terminate the Basic Sale Agreement dated October 3, 2018," it said in a statement.
"OMV also will review its involvement in the Nord Stream 2 pipeline."
OMV is one of five Western companies that have joined up as finance partners in the Gazprom-led Nord Stream 2 gas pipeline project.
It said last week it did see a need for write-downs over Nord Stream 2 after Germany said it would halt certification of the already completed gas pipeline.
It had said last month it had not given up plans to enter the Siberian Achimov gas field project, which was still an option until 2025.