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Austria’s OMV group no longer dependent on Russia

by AI | 31.Jul 2024 | Europe in brief AI

Austria’s partially state-owned energy company OMV is no longer dependent on Russian gas supplies, says its CEO Alfred Stern. Accordingly, they are also prepared for the event that Ukraine does not extend the gas transit agreement with Russia.

File photo - "We can supply all our contract customers, even if the Russian gas does not come," says the OMV boss. Photo: Tobias Steinmaurer/APA

Vienna – In order to be able to exit the gas supply contract with Russia, the partially state-owned Austrian energy company OMV wants to insist on the strict adherence to the contract by the Russian Gazprom company. “The delivery point is the Slovak-Austrian border,” said OMV CEO Alfred Stern. If Ukraine does not extend the gas transit contract with Russia, Gazprom will not be able to fulfill the contract from the end of the year. OMV is no longer dependent on Russian gas, Stern told APA on Wednesday.

“We have now worked for over two years to diversify our sources of gas and transport routes so that we are no longer dependent on these deliveries by Gazprom,” said Stern. “We can supply all our contract customers even if the Russian gas does not come. We have thus eliminated this dependency from OMV’s side.” Furthermore, OMV does not want Russian gas at all. “As OMV, we have significantly reduced the quantities purchased from Gazprom compared to before the Ukraine war.”

Communication between OMV and Gazprom is now mainly through lawyers, with several arbitration proceedings ongoing. “Since the beginning of 2023, for over a year and a half, we have had a dedicated legal strategy aimed at preserving OMV’s rights,” said Stern. In the second half of the year, more information will probably be available. “It will certainly not be possible to enforce all arbitral awards, but there will be opportunities to implement various parts of them,” said the OMV CEO. “It is important to at least secure the legal titles and not make decisions in a legal vacuum.” OMV always acts in accordance with the law and complies with sanctions – pipeline gas is still not covered by sanctions. (31.07.2024)