The publication reported Mr Ruttenstorfer as saying that Russia and Kazakhstan are making their moves in the region by acquiring local players. KazMunaiGas, the Kazakhstan-based energy firm, has acquired Romania-based oil firm Rompetrol, while Gazprom has acquired Serbian oil firm, NIS.
Gazprom has also agreed to establish a $1.5 billion pipeline link to Serbia as part of the South Stream gas pipeline project.
With Gazprom seeking its traditional markets directly and pushing towards Western Europe to expand its markets, OMV needs to expand to survive, according to Mr Ruttenstorfer.
The Times noted that OMV is also developing the Nabucco pipeline system which will transfer gas from Erzurum in Turkey to Baumgarten in Austria, with Azerbaijan mulled over as the possible supplier of the gas. Russia is reportedly strongly opposed to this rival pipeline, which could eventually target gas supplies from Iran and Iraq.
