OMV Wins €230 Million Arbitration Against Gazprom
OMV Wins €230 Million Arbitration Against Gazprom
OMV Wins €230 Million Arbitration Against Gazprom
News summary

Austrian energy company OMV AG has been awarded €230 million ($243 million) by the International Chamber of Commerce in an arbitration case against Gazprom PJSC regarding irregular gas supplies to Germany prior to September 2022. This ruling may jeopardize future gas procurement from Gazprom, as OMV plans to offset the awarded amount against its payment obligations under a long-term supply contract. Austria's Energy Minister Leonore Gewessler stated that the country is prepared for a potential disruption in Russian gas supplies, emphasizing that storage facilities are over 90% full. OMV confirmed that it has developed alternative gas supply sources to ensure customer obligations are met despite the risk of supply interruption. The arbitration outcome is expected to positively impact OMV's financial results while potentially complicating its contractual relationship with Gazprom. Gazprom has not commented on the arbitration ruling or its implications.

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