Vienna International Energy Industry News

Arab Diplomats Visit Burgenland to Promote Renewable Energies

In a major initiative to strengthen bilateral relations between Austria and the Arab world, the Austro-Arab Chamber of Commerce (AACC) together with Energie Burgenland welcomed a high-ranking delegation of Arab ambassadors and diplomats to Burgenland. The focus of the event was on progress in the field of renewable energies and sustainable development.

September 15, 2024

Gas Extraction in Upper Austria: Opportunities and Challenges for ADX Energy's Test Drillings

The planned natural gas extraction in Upper Austria is causing controversy. While the Australian company ADX Energy sees gas as a contribution to national energy independence, environmentalists warn of the ecological and climate policy consequences of new fossil fuel projects.

September 12, 2024

OPEC Sees Oil and Electrification as an Inseparable Duo for the Future of Global Energy Supply

In the current debate about the future energy supply, electrification is often portrayed as the big opponent of oil. The increasing pressure to reduce CO2 emissions and make the energy supply more sustainable has led many to view the use of oil as obsolete. But Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), disagrees with this simplistic view and emphasizes the indispensable role that oil and its derivatives play in the global energy landscape.

August 20, 2024

Austria's Competition Watchdogs Criticize Concentration on Gas Market

The Federal Competition Authority (BWB) and the regulatory authority E-Control recently presented the second interim report of their joint Electricity & Gas Task Force. This investigation is a reaction to the developments in the Austrian energy markets, which are characterized by strongly fluctuating prices and high market concentration.

August 20, 2024

Alpbach: Between Tradition and the Future - the European Forum Alpbach 2024

The European Forum Alpbach (EFA) celebrated its 80th anniversary in 2024. It once again attracted over 4,000 participants to the small Tyrolean mountain village, which became the center of European discourse for two weeks. Under the general theme of “Moment of Truth”, this year's forum focused on the groundbreaking decisions that Europe must make in the face of multiple crises, from climate catastrophes to political tensions.

August 18, 2024

Austria Investing in the Future: Strengthening STEM Education and Massive Research Funding

Austria is setting standards in the education and research landscape to meet the challenges of the future. With two far-reaching initiatives, the government aims to combat the shortage of skilled workers in the STEM fields (mathematics, IT, natural sciences, and technology) as well as massively promote research and innovation in the country. These measures are intended not only to solve short-term problems but also to secure and strengthen Austria as a business location in the long term.

August 13, 2024

OMV CEO Stern: Independence from Russian Gas and Solid Business Development

The Austrian oil and gas group OMV has taken a significant step towards energy independence. CEO Alfred Stern declared at a press conference that OMV is no longer dependent on gas supplies from Russia. This announcement marks the end of a two-year strategic realignment aimed at diversifying gas sources and transportation routes.

July 31, 2024

Salzburg Summit: Europe's Challenge in the Global Economy

The Salzburg Summit 2024 provided a platform for discussions on the pressing economic and political challenges facing Europe. One of the central debates revolved around the tense relationship with the major economic power China and the resulting impact on European competitiveness.

July 25, 2024

Austria Businesses Heading for a Record Year of Bankruptcies in 2024

Austria is facing a possible record year for corporate insolvencies in 2024. The current economic situation shows a significant increase in insolvencies, especially in the first half of the year.

July 15, 2024

30 Years of the WKÖ Export Prize: Austrian Companies Honored for Top Performance

Austria's export industry has achieved impressive successes over the last 30 years. EU accession in 1994 played a key role in this, paving the way for a more than five-fold increase in goods exports. Despite challenging framework conditions, the 63,700 domestic export companies achieved a record value of 200 billion euros in goods exports and 83 billion euros in services exports last year.

June 18, 2024

Austrian Foreign Minister Schallenberg Receives Deputy Prime Minister of Kyrgyzstan

Austria's Foreign Minister Alexander Schallenberg received the Kyrgyz Deputy Prime Minister and Minister of Water Resources, Agriculture and Processing Industry, Bakyt Torobaev, in Vienna for the first time. Amid the ongoing Russian war of aggression against Ukraine, Schallenberg emphasized the need to deepen relations with the Central Asian states. The main focus of the meeting was on strengthening the bilateral partnership, particularly in the economic sphere.

June 16, 2024

Austria Promotes Key Projects for Renewable Energies in Central Asia

High-ranking representatives from Central Asia, Europe, and the Middle East as well as private investors are gathering in Vienna at the invitation of the World Bank to hold the International Energy Investment Forum. The event is being held in cooperation with the government of the Kyrgyz Republic and other international financial institutions such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB).

June 10, 2024

OPEC+ Extends Production Cuts Until 2025

Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met in Riyadh on the sidelines of the 37th OPEC and Non-OPEC Ministerial Meeting (ONOMM). During the meeting, the participating countries decided to extend the existing production cuts until the end of 2025.

June 2, 2024

Austria Signs Pact for Hydrogen Corridor

In a step towards a sustainable energy future, the energy ministers of Italy, Germany, and Austria have signed a joint declaration of intent to develop a hydrogen import corridor between the three countries.

May 30, 2024

Supply Stop and Human Rights Allegations for OMV

OMV, Austria's leading energy company, is currently under immense pressure. Two developments could have a significant impact on the company and the Austrian energy market: the threat of Gazprom stopping gas supplies and serious allegations of involvement in war crimes against former OMV executives in Sudan.

May 22, 2024

Austrian Climate Ministry Supports Ukraine with Five Million Euros for the Reconstruction of Energy Infrastructure

The Austrian Federal Government has announced its support for Ukraine by releasing five million euros in aid to the Ukraine Energy Support Fund. This financial aid aims to promote the reconstruction of Ukraine's severely damaged energy infrastructure, which has been suffering from the devastating effects of the war for over two years.

May 22, 2024

Austria's Constitutional Protection Agency Warns of Chinese Economic Espionage

The Austrian Office for the Protection of the Constitution has issued an urgent warning about Chinese industrial espionage. Small and medium-sized enterprises and research centers are particularly at risk.

May 20, 2024

Seventh OPEC-China Energy Talks in Vienna: Joint Focus on Sustainable Future and Energy Cooperation

The seventh high-level meeting of the OPEC-China Energy Dialogue took place in the Austrian capital. The meeting was hosted by the Secretariat of the Organization of the Petroleum Exporting Countries (OPEC), with key representatives from both sides discussing their visions and plans for the future of energy cooperation and sustainable development.

April 2, 2024

European Gas Conference in Vienna Postponed due to Protests

The European Gas Conference planned for March 26-28 in Vienna is no longer on the international energy industry's calendar. Security concerns caused by announced protests forced the organizers to postpone the event indefinitely.

March 14, 2024

City of Vienna Warns of Nuclear Renaissance and Small Modular Reactors in Europe

In a recent statement, Vienna City Councillor for Climate Action Jürgen Czernohorszky, who is also Chairman of the Cities for Nuclear Free Europe (CNFE) initiative, is critical of Sweden's nuclear power plans, the situation, and the development of Small Modular Reactors in Europe.

March 4, 2024

Austria Plans to Withdraw from Russian Gas Contracts

In a decisive step against continued energy dependence, Energy Minister Leonore Gewessler (Greens) announced that she would end the gas supply contracts between OMV and the Russian company Gazprom. The contracts, which run until 2040 and oblige Austria to purchase significant quantities, are under critical review. Gewessler commissioned the Economic Research Institute (WIFO) to carry out a detailed analysis of the economic consequences of termination and the risks of continued dependency.

February 12, 2024

Africa Day 2024: Austria Looks to Africa's Future Markets

This year's Africa Day was all about Africa's future markets and offered a platform to strengthen economic relations between Austrian and African companies. Organized by the Austrian Federal Economic Chamber (WKÖ), the event attracted more than 1,200 participants from Austria, over 30 African countries, and guests from Europe, Asia, and the USA.

February 5, 2024

OMV's Borealis to Merge with Borouge in a 30 Billion Euro Deal

OMV's subsidiary Borealis is set to merge with the Abu Dhabi-based petrochemical company Borouge, creating a new global heavyweight in the chemical and plastic sector with an estimated value of 30 billion euros. This significant move marks a transformative step in the ongoing value creation and chemical growth strategy of both companies.

December 14, 2023

Glock Ecotech Launches Sustainable Energy Project in Sweden

The Austrian company Glock ecotech has taken a significant step towards sustainable energy supply in Sweden. With the successful commissioning of its first electricity-to-heat power plant near Nyköping, the company now also offers an environmentally friendly energy option in the Scandinavian region.

December 5, 2023

Austro-Arab Chamber of Commerce Hosts Libyan Delegations for Industry and Digital Transformation Talks

In a series of significant events, the Austro-Arab Chamber of Commerce (AACC) in Vienna, Austria, played host to high-level delegations from Libya, focusing on industrial development and digital transformation.

December 5, 2023

Revolutionizing E-Mobility in Austria: Introduction of the E-Control Tariff Calculator for E-Charging Stations

In a new initiative to promote e-mobility, the Austrian regulatory authority E-Control has introduced a new comparison calculator for public e-charging points.

November 23, 2023

Wien Energie Builds a New Large Heat Pump for a Climate-Friendly District Heating Supply

Wien Energie has announced the construction of a new large-scale heat pump at the Spittelau waste incineration plant, which will increase the plant's efficiency by 13 percent and supply 16,000 households in Vienna with district heating from 2025. This third large-scale heat pump in Vienna is a significant step towards the city's climate targets, which aim to be climate-neutral by 2040.

November 16, 2023

OPEC Secretary General Al Ghais Advocates for Increased Oil Production Amidst Global Energy Transition

In a recent op-ed and public statement, OPEC Secretary General, His Excellency Haitham Al Ghais, presented a compelling argument for the necessity of oil in today's world, even as global energy transitions are underway.

November 13, 2023

China and OPEC Cement Economic Ties for a Sustainable Energy Future

In a landmark progression for global energy relations, China and the Organization of the Petroleum Exporting Countries (OPEC) have significantly deepened their partnership, moving from a historical ideological alliance to a robust economic collaboration. This shift is set to have far-reaching implications for market stability and the sustainable development of the global energy sector.

November 9, 2023

Vienna Pioneer for Circular Economy: Climate Lab as a Spark for Climate Transformation

In the heart of Vienna, more precisely at the Climate Lab in Vienna Spittelau, an innovative movement has emerged that has the potential to fundamentally change the way Austria's economy deals with its resources. Climate Protection Minister Leonore Gewessler and the top representatives of Austria's largest companies came together to drive forward a sustainable transformation of Austria as a business location, with the Climate Lab playing a key role.

November 5, 2023

Ukraine Will Block Gas Transit: Challenges and Opportunities for OMV and Europe

Ukraine's decision to stop transiting Russian natural gas to the West from 2025 poses a significant challenge for OMV and for several European countries. The announcement, made by the head of Ukrainian energy company Naftogaz, Olexiy Chernyshov, raises several questions about energy security and dependence on Russian gas.

October 29, 2023

APG Invests Nine Billion Euros in Austria's Electricity Grid

Austrian Power Grid (APG) has unveiled an ambitious €9 billion investment program designed to lay the foundation for a supply-secure energy transition in Austria. The company, a subsidiary of Verbund AG, thus plays a central role in the transformation of the Austrian energy supply system.

October 24, 2023

Wien Energie Strengthens Independence By Reducing Russian Gas

With the start of the heating season in Vienna, ushered in by a sudden drop in temperatures after an unusually warm start to October, the essential issue of energy supply security is once again coming to the fore. In light of ongoing geopolitical tensions, Wien Energie, Austria's largest energy supplier, has taken proactive measures to secure heating supplies for the coming winter while reducing dependence on Russian natural gas.

October 22, 2023

Austria's Growing Potential: MCF Energy's Welchau Gas Prospect

Austria could be on the verge of a breakthrough in its quest for energy security with the announcement of further developments regarding the Welchau gas prospect. MCF Energy Ltd. has confirmed plans to commence drilling at the Welchau site in Austria during Q4 2023.

October 18, 2023 · Updated: October 18, 2023; 20:00

Austria Wants to Be One of the Most Sustainable Destinations in the World

The extent to which the issue of climate change now affects all areas of our lives was also evident at this year's Expo Real in Munich.

Birgit Adelsberger · October 8, 2023

Austrian Group Shows at Expo Real 2023 how Sustainable Real Estate Works

Sustainability was a big topic at this year's Expo Real in Munich. Many of the conferences, which again featured high-caliber participants, addressed the topic of ESG (Environmental Social Governance) in connection with the various aspects of the real estate industry.

Birgit Adelsberger · October 8, 2023

OMV and Wood Sign Agreement to License Plastic Recycling Technology

In a move to promote the circular economy and reduce plastic waste, Vienna-based OMV and UK-based Wood have signed an exclusive cooperation agreement to commercially license OMV's ReOil technology. This agreement was reached at ADIPEC, the world's largest energy conference in Abu Dhabi, and is designed to drive progress in chemical plastic recycling.

October 3, 2023

Norway as a New Key Partner for Austria in Energy and Climate Protection

During a working visit to Norway, Chancellor Karl Nehammer emphasized Norway's key role in the fields of environment, energy technology, and climate protection. In a conversation with Norwegian Prime Minister Jonas Gahr Støre, Nehammer emphasized that Norway is not only an important partner but also a pioneer in environmental and energy technology.

October 3, 2023

Austria Strengthens its Economic and Diplomatic Relations with Africa

Austria has increased its focus on its economic and diplomatic relations with Africa. The country's trade with sub-Saharan Africa amounted to 2.28 billion euros in 2022, or about 0.56 percent of Austria's total trade volume. Austrian exports to the region increased by 15.7 percent year-on-year to 1.33 billion euros. South Africa, Mali, and Nigeria were the main export markets. Read more about why Africa is important for Austria!

September 28, 2023

OMV to Supply Air France-KLM 2,000 Tons of Sustainable Jet Fuel

OMV, a Vienna-based integrated company specializing in energy, fuels, and commodities, has taken a decisive step towards promoting more sustainable aviation practices. It has signed an off-take agreement to supply 2,000 tons of sustainable aviation fuel (SAF) to Air France-KLM Group for 2023.

September 18, 2023

Austria EU Representative Selmayr at Dispute Because Of "Blood Money" Statement

EU representative Martin Selmayr has called Austrian gas payments to Russia "blood money". Now reprimanded by Vienna and Brussels, EU Commission representative Martin Selmayr does not want to give up his job in Austria.

September 14, 2023

Skills Shortage in Austria: Companies Feel Pressure, But Also Opportunities

A recent study by the recruiting platform Stepstone shows that the shortage of skilled workers is leaving a clear mark on Austria's companies. Two-thirds of respondents are concerned about the additional workload caused by unfilled positions. This is despite a slight increase in advertised vacancies of 2 percent in the first half of the year, with some sectors such as engineering, care, and construction even seeing significant increases.

September 13, 2023

Green Peak Festival 2023: Austria's Pioneer for Climate Protection and Entrepreneurship

The renowned Green Peak Festival, which has established itself in the heart of Vienna as Austria's flagship event for sustainability and entrepreneurship, impressed once again. For the second year in a row, over 800 participants gathered to network, exchange ideas and discuss the latest developments in sustainability. The project was supported this year by the Embassy of Israel.

September 11, 2023

Austria's Ex-Economy Minister Schramböck in Saudi Arabia: Progress on Women's Rights and Economic Opportunities

The former Austrian Minister of Economy, Margarete Schramböck, has given insights into her new professional activities in Saudi Arabia in an interview with the magazine "trend". She is currently on the board of Aramco Digital, a digital subsidiary of Saudi Aramco, the world's largest oil company, which was founded in spring 2023. Schramböck plays an important role there, which she describes as "between the executive board and the supervisory board."

September 7, 2023

PÜSPÖK and UNESCO: Empowering Climate Action through Nature Conservation and Renewable Energy

The Austrian company PÜSPÖK, a rapidly growing company in the field of renewable energies, is actively committed to climate, environmental, and nature protection. By supporting the initiative "Klimapartnerschaft.at", PÜSPÖK is committed to the preservation and protection of the largest primeval forest remnant in the Alpine arc, the UNESCO World Natural Heritage "Wilderness Area Dürrenstein-Lassingtal", thus contributing to the protection of a rare ecosystem and unique biodiversity.

July 25, 2023

Plants as Climate-Friendly Air Conditioning: City of Vienna Promotes Greening of Buildings

The positive effect of green buildings on the climate is undisputed. To promote the implementation of green buildings, the City of Vienna provides generous subsidies of up to € 20,200. Interested parties can obtain free advice on this subject from Eco Counselling (DIE UMWELTBERATUNG) in Vienna.

July 23, 2023

Exploring Vienna's Sustainable Solutions: Unusual Excursion Tips by MA 48

Waste prevention and waste separation as well as a clean city are among the central goals and concerns of street cleaning in Vienna (MA 48). MA 48 invites all interested parties to visit its facilities free of charge.

July 18, 2023

OMV's Polyolefins Business Cooperation: Concerns Raised as Greens Question Borealis' Future

Austrian energy company OMV has decided to pursue negotiations with ADNOC, the state-owned oil company of the United Arab Emirates, on potential cooperation of their polyolefins business. This reinforces certain concerns of the critical voices on the OMV-ADNOC deal.

July 16, 2023

OMV Secures Additional European Gas Transmission and Pipeline Capacities until 2028

The listed oil and gas group OMV has successfully secured additional European gas transport capacities and gas pipeline capacities. This measure serves to secure Austria's gas supply and enables OMV to meet its delivery obligations in the medium term.

July 12, 2023

Wealth of the Richest Austrians Grows Despite Global Trends

In its latest issue, the business magazine "trend" publishes its annual ranking of the "100 richest Austrians". In contrast to some global studies, which show a slight decline in the ownership of the super-rich, Austria shows a different development. The assets of the 100 wealthiest individuals and families increased by five percent to a total of around 210 billion euros.

July 11, 2023