Austrian company OMV Gas Marketing & Trading GmbH has decided to terminate its gas supply contract to Austria with its subsidiary Gazprom Export.
This was reported by OMV's press service.
As noted by the company's press service, the contract was terminated due to numerous significant breaches of contractual obligations by Gazprom Export.
The company reminded that the contract was concluded in 2006 and was set to last until 2040. However, since November 16, 2024, Gazprom Export has ceased supplying gas to OMV.
Previously, OMV was receiving approximately 7,400 MWh per hour, equivalent to about 5 TWh per month, at the Austrian-Slovak border.
"It is OMV’s key priority to always be a reliable supplier to our customers in any markets and countries we operate in. Being fully cognizant of this profound responsibility, we have continuously implemented our diversification strategy for gas supply sources and additional pipeline capacities. Thanks to the successful efforts by our gas taskforce team during the past three years, OMV is very well positioned to draw on our diversified portfolio of alternative gas sources, safeguarding supply security for our customers," said Alfred Stern, Chairman of the Board and CEO.
It is reminded that recently, the administration of U.S. President Joe Biden considered the possibility of adding Gazprombank to the sanctions list. Due to the situation with "Gazprom," gas prices in Europe have increased.
