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The Austrian company OMV terminated the gas supply contract with Gazprom Export, which is a subsidiary of the Russian giant Gazprom.
This was announced in the OMV press release published on December 11. It is noted that the contract was concluded in 2006 and was supposed to be valid until 2040. It was terminated due to "numerous significant violations" by the Russian company.
As of November 16, 2024, Gazprom Export stopped supplying gas to OMV. Supply volumes under this contract, with single-digit margin potential in the millions of euros per year, have been fully diversified by alternative gas sources over the past three years.
As part of an ongoing diversification strategy, OMV's gas supply portfolio now includes multiple sources of supply: its own gas production in Norway and Austria, third-party gas production companies, as well as additional long-term natural gas reserves:
"OMV's gas storage facilities in Austria are currently approximately 85% full. OMV is able to fulfill all contracts with its customers for the supply of gas from alternative sources."
It is noted that OMV no longer has any supply contracts with Gazprom Export and does not conduct any business in Russia.
Export of Russian gas to Austria: what preceded it
At the end of November, the Reuters agency reported that the Russian gas giant Gazprom stopped supplying gas to Austria. At the time, it was reported that the reason was the seizure of Russian gas by the Austrian group as payment for the arbitration award.
The Austrian side won an arbitration in Germany against Gazprom for 230 million euros in connection with irregular gas supplies to its German division. Three days later, Gazprom suspended gas supplies.
