Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)

Exited Exit Completed

OMV is an Austrian oil and gas company.

 
 
 
 
 

Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)

Exited Exit Completed
Glob.Revenue, mln.USD
42706

The Vienna-based energy company’s contract with Gazprom runs until 2040. Putin extended the ban on gas purchases from a joint venture with OMV and Wintershall above the established price. Norwegian energy group Equinor has signed a five-year gas supply agreement with Austria's OMV as part of Vienna's fuel diversification strategy. Russian court bans Austria's OMV from Stockholm arbitration against Gazprom.

The Company Statement
December 19, 2023

No new Russian investments; doing strategic review of current Russian gas investments, significantly reduced its exposure to risks related to importing Russian gas later this year. OMV writes off assets in Russia for 2.5 billion euros. Austrian energy group OMV will continue to buy most of its gas from Russia this winter, its chief executive has said, even though the company has secured back-up contracts to fully cover its import needs from other sources. Vladimir Putin signed decrees according to which the shares of two foreign companies, namely the German Wintershall DEA and the Austrian OMV in joint ventures (JV) with Gazprom, will be forcibly sold to Russian owners. Russia's Gazprom has cut off gas supplies to Austrian energy company OMV, hours after Vienna said Russia had warned it would cut off flows. Austria said Moscow had informed it that gas would be cut off from Saturday, November 16, 2024 following an arbitration ruling in favor of OMV, Austria's largest energy supplier, over Gazprom's failure to meet gas supply obligations to its German unit. Gas continues to flow to Austria via the same route that it usually uses for deliveries from Russia – via Slovakia, Reuters reports, citing Eustream data. Austrian company OMV usually received 27 million cubic meters per day from Gazprom. On Saturday, November 16, 2024 deliveries stopped completely, but on Sunday, November 17, 2024 22.6 million cubic meters returned (down 17%), with the application for Monday at 22.3 million cubic meters per day and for Tuesday at around 23.6 million cubic meters. Traders and analysts said that this could be gas from Russia, delivered via the Turkish Stream pipeline or via Ukraine, where underground gas storage facilities are already full. Austrian company OMV seized €230 million worth of gas from Russia's Gazprom in October following an arbitration decision. This was the first time an EU customer failed to pay the monopolist for fuel.

Open the Statement
Statements Archive
December 12, 2024OMV Respond on Russia’s Supply Row; Terminate Gazprom Gas Contract
November 25, 2024Austrian OMV confiscated €230 million worth of gas from Gazprom. Reuters learned why the Russian monopolist stopped supplies
November 19, 2024Gas supplies to Austria, which demonstratively sued Gazprom, are suspiciously similar to Russian ones
November 18, 2024LNG tankers divert to Europe from Asia after Russia halts supplies to Austria's OMV
November 16, 2024Russia has stopped gas supplies to Austria
November 14, 2024Austrian company sues Gazprom for 230 million euros for disruption of gas supply
November 09, 2024Austria's OMV has no Russian LNG in its contracts, CEO says
July 31, 2024OMV CEO Stern: Independence from Russian Gas and Solid Business Development
July 09, 2024Austria forms commission to review OMV’s Russian gas contract
May 22, 2024Russian court bans Austria's OMV from non-Russia arbitration against Gazprom, TASS reports
April 01, 2024Gazprom asks Russian court to ban Austria's OMV from pursuing international arbitration
February 12, 2024The Austrian Energy Minister announced her intention to terminate the agreement with Gazprom
February 01, 2024OMV ready for potential halt in Russian gas deliveries
February 01, 2024Austrian OMV called the sale of its Russian asset expropriation
October 03, 2023Austria’s OMV no longer dependent on Russian supply, CEO says
September 28, 2023Austria will reduce its dependence on gas from the Russian Federation at the expense of Norway
September 11, 2023Putin extended the ban on gas purchases from a joint venture with OMV and Wintershall above the established price - Kommersant
August 16, 2023Austria cannot do without gas from Russia, even in the long run
August 07, 2023FT estimated damage to European companies since the beginning of the conflict in Ukraine at €100 billion
August 07, 2023FT: Крупнейшие европейские компании потеряли в России 100 млрд евро с начала войны в Украине
August 06, 2023European companies suffer €100bn hit from Russia operations
July 09, 2023Austria’s OMV to continue to import Russian gas, chief says
February 02, 2023OMV writes off assets in Russia for 2.5 billion euros
February 02, 2023OMV writes off €2.5 billion of Russian assets in 2022
December 22, 2022Gazprom banned purchases from a joint venture with Wintershall and OMV at a price above the limit
July 28, 2022OMV profits rise as it reduces Russian exposure
July 16, 2022Gazprom notifies Austrian OMV of reduced gas supplies
April 05, 2022OMV no longer pursues investments in Russia
Share the Company Status:
All company names used on this web page are for identification purposes only. All trademarks and registered trademarks are the property of their respective owners.
Company statements and statistical data are collected from open sources and official registers according to the methodology of the KSE Institute.
Scanner