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Russia turns off Austria's gas $OMV (+1.22%) the gas with immediate effect

Russia will stop its gas supplies to Austria from Saturday. This was announced by the Austrian energy company OMV. The partly state-owned energy and chemicals group OMV had previously been awarded 230 million euros by an arbitration court in its dispute with Russia's Gazprom. OMV therefore considers the gas supplied from Russia to be paid until this amount is reached.

In response to this, a complete halt to deliveries from Moscow is conceivable, OMV conceded.

This is now apparently happening immediately.

15 Comments

TomTurboInvest@TomTurboInvest

The $OMV one of my favorites😀

With a consistent diversification strategy, OMV has successfully built up an extensive alternative gas supply from non-Russian gas as well as additional gas supply capacities over the last 3 years. OMV's gas portfolio includes various supply sources from Norway and additional long-term LNG volumes. OMV confirms that the company will be able to deliver the contractually committed gas volumes to its customers even in the event of a potential supply disruption from Gazprom Export.

This is due to the planned implementation of the arbitration award, which awards OMV €230m. The supply freeze will result in minor one-off hedging losses, although the positive effects of the damages awarded will clearly outweigh this.

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Tenbagger2024@Tenbagger2024

This could well mean that energy prices will rise in Austria, which will probably have an impact on some companies and will not help to combat inflation.

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