OMV has officially terminated its long-term natural gas supply contract with Gazprom Export, citing multiple fundamental breaches of contractual obligations. The termination, effective immediately, marks the end of an agreement that began in 2006 and was originally set to continue until 2040. Gas deliveries under this contract had already been suspended by Gazprom Export as of November 16, 2024. Previously, OMV had received approximately 7,400 MWh per hour, equating to about 5 TWh per month, at the Austrian-Slovakian border.

Alfred Stern, OMV’s Chairman and CEO, emphasized the company’s commitment to maintaining reliable gas supplies to its customers. He stated, “It is OMV’s key priority to always be a reliable supplier to our customers in any markets and countries we operate in. Being fully cognizant of this profound responsibility, we have continuously implemented our diversification strategy for gas supply sources and additional pipeline capacities. Thanks to the successful efforts by our gas taskforce team during the past three years, OMV is very well positioned to draw on our diversified portfolio of alternative gas sources, safeguarding supply security for our customers.”

The termination of the contract significantly reduces the potential risk exposure of OMV Gas Marketing & Trading (OGMT). Over the past three years, the supply volumes under this agreement, which had a limited margin potential in the single-digit million euros annually, have been completely replaced with alternative sources. OMV’s diversification strategy has strengthened its gas supply portfolio with contributions from its own production in Norway and Austria, third-party producers, and additional long-term LNG volumes.

OMV’s gas storage facilities in Austria currently stand at approximately 85% capacity, ensuring robust supply capabilities. This diversification allows OMV to fulfill all its customer contracts using alternative gas sources, thereby safeguarding supply security. The strategic shift highlights OMV’s proactive approach to mitigating supply risks and underscores its resilience in adapting to dynamic market conditions.

OMV is undergoing a transformation to become a leading integrated sustainable chemicals, fuels, and energy company, emphasizing circular economy solutions and low-carbon business practices. With a firm commitment to sustainability, OMV aims to achieve net zero emissions by 2050. The company focuses on innovation and responsible resource management to reinvent essentials for sustainable living.   In 2023, OMV reported revenues of EUR 39 billion, underscoring its robust performance and global presence. The company operates with a diverse and skilled workforce of approximately 20,600 employees across the globe, driving its mission to deliver sustainable solutions.  As OMV transitions toward a greener future, it continues to play a pivotal role in shaping sustainable industries and advancing its circular economy objectives.