Will the supply stop now follow?
OMV wins over €230 million against Gazprom
An arbitration tribunal has awarded OMV 230 million euros in damages plus interest and costs in its dispute with the Russian gas giant Gazprom. The claim will be offset against OMV's payment obligations to Gazprom Export under the Austrian supply contract with immediate effect, the Austrian company announced. OMV warns that this could lead to an interruption in Russian gas supplies, but feels well prepared for this.
In the meantime, OMV has built up alternative gas supplies from non-Russian gas as well as additional gas supply capacities. In particular with gas from Norway and liquefied natural gas (LNG).
"OMV confirms that the company can supply the contractually agreed gas volumes to its customers even in the event of a possible interruption in supplies from Gazprom Export," the press release states. OMV's gas storage facilities are also currently over 90 percent full.
It was about irregular deliveries from Gazprom
The dispute concerned irregular deliveries from Gazprom Export and the complete cessation of deliveries in Germany in September 2022. According to OMV, the damages awarded will make a positive contribution to compensating for the financial loss incurred in 2022.
If Gazprom were to stop deliveries in response to the settlement of the damages, OMV would incur small one-off hedging losses, which would be "significantly outweighed" by the damages awarded. Gas deliveries of 5 TWh per month are potentially affected.
OMV CEO: "No longer reliant on Russian gas"
OMV CEO Alfred Stern had already said in July that OMV was no longer dependent on Russian gas. OMV had already significantly reduced its purchases of Russian gas. However, OMV has stated that it cannot withdraw from the long-term supply contract, which obliges it to purchase the gas from Russia in any case. If Gazprom were to stop its deliveries, this would be an opportunity for OMV to stop purchasing Russian gas.
Even if, as threatened by Ukraine, no more Russian gas were to flow through Ukraine from the turn of the year, Russia would be in breach of contract and OMV could pull out of the now unpopular long-term supply contract. The scenario of no more gas coming to Austria from Russia has now lost its horror.
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