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OMV Terminates Gas Supply Contract with Gazprom
OMV has terminated its long-term gas supply contract with the Russian energy group Gazprom with immediate effect. According to OMV, this was due to “fundamental breaches of contract” by Gazprom, in particular, because no gas deliveries have taken place since November 16, 2024. This decision represents a turning point in Austrian energy policy and marks the end of a business relationship that has lasted over 50 years.
OMV terminates the gas supply contract with Russian Gazprom. / Picture: © Wikimedia Commons / DanielZanetti / CC BY 3.0 (https://creativecommons.org/licenses/by/3.0)
The gas supply contract between OMV and Gazprom was signed in June 2018 in the presence of the then Federal Chancellor Sebastian Kurz and Russian President Vladimir Putin. The contract provided for supplies of natural gas until 2040. The so-called “take-or-pay” clause, which obliged OMV to pay for the contractually agreed gas even if it was not taken, was particularly controversial.…
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