OMV has received an arbitration award of more than 230 million euros ($243.06 million) from the International Chamber of Commerce (ICC) over irregular gas deliveries to Germany by Gazprom, the oil and gas group said on Wednesday Austrian.
The award, including interest and costs, will contribute positively to its financial losses incurred in 2022, the company said in a statement.
The oil and gas group expects a deterioration in its contract with Gazprom Export, a subsidiary of the Russian gas giant, which could lead to an interruption in gas supplies.
The company confirmed that it will offset claims with invoices under the Austrian gas supply contract with Gazprom Export in order to obtain compensation, which will increase its operating profit and cash flow for capture and carbon storage.
OMV said that the potentially affected gas volume for the Austrian virtual exchange point, due to the allocation, is estimated at 7,400 megawatts per hour.
“OMV confirms that it can deliver to its customers the full gas volumes stipulated in the contract in the event of a potential interruption of supply by Gazprom Export,” the Viennese company said.
“We have been preparing for a possible supply disruption for a long time. In any case, our country’s gas supply is assured. Our gas storage facilities are full,” wrote the Austrian energy minister. , Leonore Gewessler, in a message on X, Wednesday.
In May, OMV said gas deliveries from Russian company Gazprom could be suspended due to a court ruling, without identifying the case.
At the beginning of April, Kremlin-controlled energy giant Gazprom asked a Russian court to ban Austrian company OMV from resorting to international arbitration.
Later that month, Gazprom filed lawsuits in a Russian court against Czech utility company CEZ, OMV and Slovak energy group ZSE.
OMV had initiated arbitration proceedings against Gazprom in connection with its participation in a Russian gas field.
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