Austria International Oil and Gas Industry News

Putin's War Forces OMV to Make Most Fundamental Strategic Shift in Its History

Russia's aggression toward Ukraine is forcing OMV, the Austrian oil, gas and petrochemical group to take drastic measures. The company's management decided to stop all investment activities in Russia and to rely on alternative suppliers in the future. OMV thus joins many other companies that are slowly turning their backs on the Russian market.

March 17, 2022

Energy Supply: Liquefied Natural Gas from Qatar, Instead of Pipeline Gas from Russia

Chancellor Nehammer visited the United Arab Emirates (UAE) and Qatar with the intention of lessening Austria's dependency on Russian natural gas for energy. Read about the chancellor's visit and how liquefied natural gas could help solve this issue.

March 11, 2022

How Gazprom Helps the Kremlin to Manipulate Austria

The Russian government uses the majority state-owned energy corporation Gazprom to exploit Europe's dependency on Russian natural gas, and Austria is no exception. Read how the Kremlin uses Gazprom to influence Austria.

March 8, 2022

Russo-Ukrainian War: First Effects of Western Sanctions on Russian Economy

The Russian economy is already beginning to feel the effects of the Western sanctions for its invasion of Ukraine. Read what effects the sanctions are having on the economy.

February 28, 2022

Putin's People in Austria and Beyond

Following Putin's invasion of eastern Ukraine with the aim of regaining former Soviet territory, two former European prime ministers from Italy and Finland have already resigned from the supervisory boards of two Russian companies. However, some Austrian and German politicians see no reason to resign their mandates. In the following some explanations why.

February 25, 2022 · Updated: February 25, 2022; 11:23

Continued Strong Interdependence of Business between Russian, Ukrainian and Austrian Companies

Austrian businesses have established significant ties with those in Ukraine and Russia over the years. Read about the amount of business Austria does with each country and how the recent escalation of tensions could affect this.

February 23, 2022

Austria's Reaction to Putin's Disrespect for the Territorial Integrity and Sovereignty of Eastern Ukraine

Following President Putin's decision to recognize the independence of Luhansk and Donetsk in the Donbas region of Ukraine and to send "peacekeeping troops" to these areas, the Austrian government's Crisis Cabinet met to discuss how to respond. Read what Chancellor Nehammer said about the act of Russian aggression and what Austria will do.

February 22, 2022

Ukraine Crisis: Potential Impact of Russian Invasion on Ukrainian, Russian and EU Economies

The solution of the Russian aggression and violation of rights towards Ukraine, is of central importance for the world we want to live in. The Vienna Institute for International Economic Studies (WIIW) conducted a study on the potential economic impacts of a Russian invasion of Ukraine. Read their prediction for how an invasion would affect the economies of the EU, Russia, and Ukraine.

February 8, 2022 · Updated: February 11, 2022; 08:35

Austria Promises Legal Action After EU Commission's Nuclear Energy Decision

Austria has vowed to take legal action against the European Commission after it decided to include nuclear energy and natural gas as sustainable investments under the EU Taxonomy Regulation. Read what the Austrian president, chancellor, and climate minister said about this decision.

February 3, 2022

Opec and Non-OPEC Members Agree Further Gradual Increase in Oil Production

At the 25th OPEC and non-OPEC Ministerial Meeting (ONOMM), the oil-producing countries decided upon a gradual increase in oil production for March. Read about this and the other decisions made at the meeting.

February 2, 2022

Inflation in Austria: Government Approves Relief Package to Deal with Rising Energy Prices

Chancellor Nehammer and Vice-Chancellor Kogler held a summit with energy suppliers and assembled a relief package to help combat inflation. Learn what's in the relief package and who will benefit from it.

January 28, 2022

Brussels: Schallenberg Attends Ukraine Crisis Meeting of EU Foreign Ministers

Foreign Minister Schallenberg attended a meeting of the EU Foreign Affairs Council in Brussels. The meeting, which U.S. Secretary of State Antony Blinken also attended virtually, focused on the ongoing crisis between Russia and Ukraine. Read about the meeting and watch an interview with Foreign Minister Schallenberg.

January 26, 2022

Austria's Position on the Russia-Ukraine Conflict

Despite ongoing diplomatic efforts, tensions between Russia and Ukraine remain high as Russia still has thousands of troops stationed on the Ukrainian border. Read Austria's position on the issue.

January 22, 2022

Kazakh Foreign Minister in Vienna Promises Investigation into the Unrest

Foreign Minister of Kazakhstan Muchtar Tileuberdi met with Foreign Minister Schallenberg in Vienna, and the pair discussed the recent protests and violence in Kazakhstan. Read more about their discussion, and watch their joint press conference.

January 20, 2022

U.S. and EU Establish "Transatlantic Coordination" Against Russia

Europe and the U.S. are closing ranks in the face of feared Russian aggression against Ukraine. U.S. Secretary of State Antony Blinken and EU High Representative Josep Borrell are determined to "form a strong, clear and united transatlantic front," European Union External Action announced after a phone call between the two. According to the statement, they expressed their commitment to Ukraine's sovereignty, independence and territorial integrity.

January 16, 2022

OPEC: Kuwaiti Al-Ghais Succeeds Nigerian Barkindo as Secretary General

Mr. Haitham Al-Ghais of Kuwait was recently appointed as the next Secretary General of the Organization of the Petroleum Exporting Countries (OPEC). Read more about Mr. Al-Ghais, as well as the accomplishments of his predecessor Mohammad Sanusi Barkindo.

January 10, 2022

After Pandemic Shock, Strong Upturn in Foreign Trade: China +26.4 %, USA +18 %

New data for January to September 2021 shows that Austria's foreign trade is returning to pre-pandemic levels. Read about Austria's improving trade figures.

December 10, 2021

Budapest Office Property "BudaPart Gate" Acquired by S-Immo

S Immo AG has acquired the "BudaPart Gate" office building in Hungary's capital, Budapest. Read more about the transaction and BudaPart Gate.

November 15, 2021

Climate Crisis: Vienna Joins "Race to Zero" Campaign

At the World Climate Conference (COP 26) in Glasgow, Vienna has announced that it is joining the "Race to Zero" campaign, which aims to cut emissions in half by 2030 and create a carbon-free world. Read about Vienna's new climate change commitment.

November 8, 2021

Austria's Strategy for the Upcoming European Council Meeting

Ahead of the European Council meeting in Brussels, Austrian Chancellor Schallenberg, EU Minister Edtstadler, and members of parliament laid out Austria's strategy for the meeting. Read their stances on the key issues they plan to raise in Brussels.

October 22, 2021

OPEC's World Oil Outlook 2021 Launched in Vienna

OPEC's flagship annual publication, the World Oil Outlook 2021, was launched via videoconference in Vienna. OPEC forecasts 6% increase in global oil demand in 2021. Learn about the specific highlights of this year's World Oil Outlook.

September 29, 2021

Doing Business with the United Arab Emirates: World Expo 2020 Opens in Dubai

The World Expo 2020, which kept its name despite being delayed to 2021, is set to begin in Dubai on 1 October. The United Arab Emirates (UAE) has been a particularly sought-after market for many Austrian companies. Read about the upcoming Expo, the economic relationship between Austria and the UAE, and some of the many Austrian companies that have found success there.

September 23, 2021

ÖBAG: Dr. Christine Catasta Appointed to the Supervisory Boards of Telekom Austria and OMV

ÖBAG CEO Dr. Christine Catasta was appointed to the Supervisory Boards of Telekom Austria (A1) and OMV. With her appointment, both companies have strengthened their women's quota, and OMV has reached parity between the number of male and female capital representatives. Read more about Dr. Catasta.

September 13, 2021

Austria Now Has Its Own Space Strategy

The Austrian Ministry of Climate Action, Environment, Energy, Mobility, Innovation and Technology (BMK) recently presented Austria’s space strategy. In the BMK's report to the National Council entitled "Austrian Space Strategy 2030+," Federal Minister Leonore Gewessler explained that sustainability will be central to the Austrian space strategy. Read about the space strategy and its six overarching goals.

September 6, 2021

Alfred Stern Takes Over from Rainer Seele as CEO of OMV

Effective September 1, 2021, Alfred Stern will assume the position as Chairman of the Executive Board and CEO of OMV, the Austrian oil and gas group.

August 31, 2021

ÖBAG: Attorney Edith Hlawati to Succeed Thomas Schmid

The Supervisory Board of Österreichische Beteiligungs AG (ÖBAG) has appointed the internationally recognized business lawyer Dr. Edith Hlawati as the new Chief Executive Officer of ÖBAG. She will succeed Thomas Schmid and take over the management of the state holding on 1 February 2022. Learn more about her and the selection process.

August 30, 2021

Austrian Wholesale Prices: Largest Increase Since March 2011

In July 2021, wholesale prices saw their largest year-over-year increase since March 2011. The increases can be seen in the steel industry, gas industry, agricultural industry, and more. Read about which other industries the increases are affecting and just how significant the increases are.

August 6, 2021

Pioneering Hydrogen Alliance between the United Arab Emirates and Austria

On the occasion of the visit of the Ruler and Crown Prince of the Emirate of Abu Dhabi, Sheikh Mohamed bin Zayed bin Sultan Al Nahyan to Austria, the United Arab Emirates (UAE) and Austria agreed on a strategic partnership. The core of the agreement is closer international cooperation in the fields of hydrogen, renewable energy, youth exchange, green technologies, digital economy and research, according to the UAE Embassy in Vienna and Chancellor Kurz.

August 1, 2021

Von der Leyen and King Philippe Meet with Van der Bellen in Brussels

EU Commission President Ursula von der Leyen and Belgium's King Philippe each met with Austrian President Alexander Van der Bellen on his latest trip to Brussels. Climate change was a key topic of discussion. Read what Van der Bellen had to say about it.

July 20, 2021

Arab Ambassadors in Vienna and Economic Relations between their Countries and Austria

The Ambassadors from Egypt, Iraq, Jordan, Morocco, Oman, Palestine, Qatar, Tunisia, and the UAE to Austria provided an economic overview of their countries and their relationship with Austria in an online forum with the Austro-Arab Chamber of Commerce (AACC).

July 11, 2021

New CEO for OMV: "Beginning of a Major Transformation"

The Austrian multinational company OMV has appointed a new CEO. After the current and parting CEO Rainer Seele has been facing heavy public criticism, OMV will now try to rebuild its image.

June 2, 2021

Austrian Multinational Company Loses Current CEO

The Austrian multinational corporation OMV has announced that its current CEO, Rainer Seele, will end his term in June 2022. Only recently, criticism against OMV and Seele have increased. Find out more about how his end at OMV and the criticism relate.

May 3, 2021

Influential OPEC Fund Celebrates 45th Anniversary

The Vienna-based OPEC Fund for International Development marks its 45th anniversary today. Since inception in 1976 by the Member States of OPEC, the multilateral development finance institution has approved more than US$25 billion in essential financing for 135 partner countries.

January 28, 2021

German Wind Farms Sold to Austrian Energy Provider

Austria's Wien Energie managed to acquire 49 percent of the wind farm portfolio of the German Encavis in Austria. This deal will further reduce the CO2 emissions of the energy company and adds an additional 37 gigawatt hours of renewable energy for households in Vienna and the surrounding area.

December 23, 2020

WKO and IV: Need for "Climate Protection with Common Sense"

The heads of the Austrian Federal Chamber of Commerce (WKO) and the Federation of Austrian Industries (IV) demand appropriate framework conditions for climate-friendly behavior instead of the race for ever higher climate targets. Both Secretary Generals want "climate protection with common sense".

December 10, 2020

Vienna-based OPEC Launches Newest Edition of World Oil Outlook

The 2020 OPEC World Oil Outlook (WOO) has been launched in Vienna providing, among other topics, the OPEC Secretariat’s in-depth look at the unprecedented scale and impact of the Covid-19 pandemic on the global energy and oil markets.

October 8, 2020

Increase of Budget for Investment Subsidies to EUR 2 Billion

The Austrian Government has announced a budget increase for investment subsidies. A high demand and investment volume in the first three weeks of the application period has lead to this decision that is welcomed by the Federal Chamber of Commerce.

September 23, 2020

Foreign Trade Has Partially Recovered from Crisis

According to the latest report from Statistics Austria, imports and exports are only slightly behind last year's number indicating an upwards trend after Covid-19 has impacted foreign trade significantly.

September 8, 2020

WKO Secretary General: Labor Market Situation Improves, But Remains Great Challenge

The secretary general of Austria's Federal Chamber of Commerce WKO recognizes a slightly positive trend in the labor market but underlines the importance of ongoing and future economic measures.

September 7, 2020

Schallenberg: "The EU Has Reached a Turning Point in the Relations With Turkey"

Austria's Foreign Minister Schallenberg explains the current relationship between the European Union and Turkey. The recent developments in the easter Mediterranean are testing the relation once again.

September 1, 2020

Economic Sentiment in Austria and the EU Brightened Further in August

Businesses and the population of the EU still have below-average economic sentiment although the expectations improved over the last month. The sharp decline due to Covid-19 is made up by about 60 % already.

August 31, 2020

Vienna Based UNIDO Holds Expert Panel to Discuss Developments in Industry and Society

The United Nations Industrial Development Organization hosted an expert panel about the future of industry and society. Main topics were the advancement of attaining the sustainable development goals and shaping society as a whole.

August 21, 2020

Climate Change - Austrian World Summit Postponed

Arnold Schwarzenegger's ambitious climate project in Vienna falls victim to the coronavirus and has to be postponed until autumn.

March 24, 2020

Nuclear Safety: Nuclear Weapons, Nuclear Safety and Nuclear Power are Major Challenges

The international community currently faces numerous challenges in the field of nuclear safety. At the ICONS - International Conference on Nuclear Security Conference of the IAEA in Vienna, these issues were discussed at policymaker level.

February 13, 2020

Schwarzenegger in Vienna: Kick-off for Climate Conference

Arnold Schwarzenegger and Federal Chancellor Kurz stress the need for effective climate protection.

January 29, 2020

Vienna Energy Forum 2020 as a Hub for Innovative and Sustainable Energy Solutions

During high-level talks at the United Nations Climate Change Conference (COP 25), Maria Patek, Austria's Federal Minister for Sustainability and Tourism, announced the hosting of the Vienna Energy Forum (VEF) 2020.

December 11, 2019

OPEC Headquarters Vienna: World Oil Market Outlook 2019 Launched

OPEC's Chief Mohammad Sanusi Barkindo released its 2019 World Oil Outlook, in which the OPEC states that the oil market may have upside potential in 2020.

November 17, 2019

Mohammad Sanusi Barkindo to Present the OPEC World Oil Outlook 2019

The OPEC World Oil Outlook provides insights into the upstream and downstream, supply and demand, investments, the potential impact of policies and sustainable development. It will be launched at the Vienna Stock Exchange by OPEC’s Secretary General, HE Mohammad Sanusi Barkindo.

October 22, 2019

Further Increase in Greenhouse Gas Emissions in Austria

Environmental control report calls for increased investment in climate-neutral economy and society. Climate neutrality requires change in the economy and society.

October 16, 2019

What Does Vienna Have in Common with the New Silk Road?

In order to ensure sustainable development, the cities along the New Silk Road also have to face major infrastructural and social challenges, as well as climate-ecological challenges. More than 1000 participants from more than 178 cities are expected in September in the Vienna International Center for UNIDO's Bridge for Cities Conference as part of the Belt & Road Initiative.

August 12, 2019