OMV Wins Arbitration Case Against Gazprom
Austrian oil and gas company OMV has been awarded $243 million by the International Chamber of Commerce. This ruling is related to problems with German gas supplies provided by Gazprom.
The award will help OMV recover losses it suffered in 2022. The company’s contract with Gazprom might become worse, which could stop gas supply. To avoid this, OMV plans to subtract claims from invoices under its Austrian gas supply contract with Gazprom.
OMV estimates that up to 7,400 megawatt-hours of gas for Austria’s Virtual Trading Point might be affected. Despite the possible disruption, the company promises to deliver all contracted gas volumes.
Austrian Energy Minister Leonore Gewessler said on X: “We have been preparing for a possible supply disruption for a long time. In any case, our country‘s gas supply is secure. Our gas storage facilities are full.”
This isn’t the first issue between OMV and Gazprom. In May, OMV warned that Gazprom’s gas supplies might be suspended due to a court ruling. Back in April, Gazprom tried to block OMV from using international arbitration by going to a Russian court.
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