“The Stockholm Chamber of Commerce made a decision in favor of the Austrian OMV oil and gas company in arbitration for an Austrian gas supply contract by awarding OMV compensation from Gazprom exports of 48 million euros.”, – WRITE: www.ukrinform.ua
“On January 3, 2025, the Stockholm Chamber of Commerce made a decision in favor of the OMV in the arbitration proceedings for the Austrian contract for supply, awarding the OMV compensation from Gazprom LLC Exports. It was reflected in other operating income in 2025 in the amount of 48 million euros, since the profit was no longer conditional, ” – said in the update to the report.
The document states that the full -scale invasion of the Russian Federation into Ukraine and further sanctions led to disruptions in the supply of gas to Austria, which caused significant operational losses for the OMV group due to high prices for natural gas and their volatility.
In January 2023, OMV initiated arbitration at the Stockholm Chamber of Commerce under the Austrian contract for supply, demanding compensation for losses from Gazprom LLC Export (GPE) through unpredictable supply under the Austrian contract, which expires in 2040. Following the unilateral complete termination of GPE’s supply on November 16, 2024, OMV terminated the Austrian contract on December 11, 2024 with immediate entry into force.
“On December 23, 2024, OMV announced the partial offset of its open demands for damages of 48 million euros in the account of obligations under the Austrian contract for gas supply. However, since as of December 31, 2024, the TPS arbitration was still underway, OMV did not reflect the profit from such offsetting in the consolidated income report, but recognized it as a conditional asset in 2024, “the report said.
As reported by Ukrinform, on November 16, 2024, the Russian Gazprom stopped the supply of natural gas that went through the territory of Ukraine, the Austrian oil and gas company OMV.
This happened after OMV announced that she stopped Gazprom’s payments to recover a multimillion -domed amount awarded in arbitration – partly a state Austrian company was awarded more than 230 million euros for gas -inspiring.
On December 11, 2024, OMV terminated a contract with the Russian Gazprom, which provided for the supply of fuel by 2040. The Austrian company explained the termination of the contract by “fundamental violations” of the Gazprom Export contract.