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OMV overcomes $243 mln in arbitral award for Gazprom's irregular German gas materials

OMV has actually gotten an arbitral award of over 230 million euros ($ 243.06 million) from the International Chamber of Commerce (ICC) in connection with irregular German gas products from Gazprom, the Austrian oil and gas group stated on Wednesday.

The award, consisting of interest and costs, would positively contribute to its financial losses sustained in 2022, the business stated in a declaration.

The oil and gas group anticipates a worsening of its contract with Gazprom Export, a subsidiary of the Russian gas giant, perhaps resulting in a halt of gas supply.

The business validated it will balance out claims versus billings under the Austrian gas supply contract with Gazprom Export to obtain compensation, which will increase its tidy CCS operating outcome and capital.

OMV said the potentially affected volume of gas for the Austrian Virtual Trading Point, due to the award, is approximated at approximately 7,400 megawatt per hour.

OMV validates that it can deliver the complete contracted volumes of gas to its customers in case of a possible supply disruption by Gazprom Export, the Vienna-based company stated.

We have been getting ready for a possible supply interruption for a long time. In any case, our country's gas supply is secure. Our gas storage centers are full, Austrian Energy Minister Leonore Gewessler composed in a post on X, on Wednesday.

In May, OMV said the gas materials from Russia's Gazprom may be suspended due to a court judgment, without identifying the case.

Previously in April, Kremlin-controlled energy giant Gazprom had asked a Russian court to prohibit Austria's OMV from pursuing international arbitration.

Later in the exact same month, Gazprom submitted lawsuits in a Russian court versus Czech utility CEZ, OMV and Slovak energy group ZSE.

OMV had actually started arbitration proceedings versus Gazprom in connection with its participation in a Russian gas field.

(source: Reuters)