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OMV calls Gazprom's lawsuits 'invalid', starts arbitration, APA reports

Austrian oil & & gas group OMV has started arbitration procedures against the Russian energy group Gazprom, worrying to name a few matters its stake in a Russian gas field, President Officer Alfred Stern said in an interview with Austrian press firm APA on Tuesday.

OMV's 25% stake in the Russian natural gas field of Yuzhno-Russkoye was nationalised by Russian President Vladimir Putin's decree in late 2023, something that Austria's partly state-owned firm now wants to challenge in an international court.

Kremlin-controlled energy giant Gazprom, which co-owns the gas field, in return has actually submitted claims in a Russian court against Austria's OMV Gas Marketing & & Trading system, Czech energy CEZ, and Slovak energy group ZSE, according to court files.

We view these procedures as illegitimate and do not identify St. Petersburg as the place of jurisdiction, as we have actually contractually regulated how and where possible conflicts need to be settled, OMV's Chief Executive Stern stated.

Gazprom and some other Russian business are trying to move lawsuit to Russia from worldwide arbitration. A lot of the conflicts come from the breakdown of service relations between Russia and the West over the dispute in Ukraine.

(source: Reuters)