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OMV agrees to pay $1 billion for Siberian gas assets from Gazprom

VIENNA, June 7 (Reuters) - Austrian oil and gas group OMV said on Friday it agreed to pay 905 million euros ($1.02 billion) for Siberian gas assets from Russia's Gazprom , a key step forward in one of its major projects.

OMV's planned purchase of 24.98 percent of the Achimov IV and V phase development at the Urengoy gas fields is in line with its strategy to increase the gas stake in its upstream business as a low-emission alternative to oil.

The signing of the final transaction documents is expected to take place until the end of the year, the group said.

($1 = 0.8879 euros) (Reporting by Kirsti Knolle Editing by Thomas Seythal)