MOSCOW, February 4. /TASS/. Austria’s OMV has said that it won a legal battle on another gas supply contract with Gazprom Export, this time on the Austrian one following a favorable award on the contract to Germany, at the Stockholm Chamber of Commerce (SCC) in early January, adding that it was awarded a compensation worth 48 mln euro. Meanwhile the agreement itself was terminated in the middle of December 2024.
"On January 3, 2025, the Stockholm Chamber of Commerce ruled in favor of OMV in the arbitration proceedings in relation to the Austrian supply contract, awarding OMV compensation by Gazprom Export LLC. In light of this favorable award, the financial impact of the partial set-off against liabilities under the Austrian gas supply contract was recorded in other operating income in 2025 in the amount of 48 mln euro since the gain was no longer contingent," OMV said in its 2024 financial report.
OMV initiated arbitration at the Stockholm Chamber of Commerce under the Austrian supply contract, seeking damages from Gazprom Export LLC "due to unpredictable deliveries" under the Austrian contract expiring in 2040, in January 2023. OMV declared a partial set-off of its open damage claims in the amount of 48 mln euro against liabilities under the Austrian gas supply contract on December 23, 2024, as the arbitration proceedings were still ongoing.
The positive net impact of the arbitration award on the contract with Gazprom in Q4 2024 equaled around 210 mln euro. In the fourth quarter of 2024, OMV purchased a total of 8 TWh of natural gas under long-term supply agreements with Gazprom Export, until Gazprom stopped all gas deliveries to OMV on November 16, the company said. In December 2024, OMV terminated its contract with Gazprom Export to supply gas to Austria with immediate effect. "To mitigate the impact of such a stop in gas deliveries from Russia, OMV has diversified its gas supply portfolio over the past three years and secured significant additional long-term transport capacities to Austria. As a result, even without future gas deliveries from Gazprom Export, OMV will be able to fulfill its delivery obligations to its direct customers," the report said.