OMV wins €230M against Gazprom, potentially halting Russian gas to Austria but not affecting supply.

Austrian energy firm OMV has won a €230 million arbitration award against Gazprom, potentially leading to a halt in Russian gas supplies to Austria. However, OMV is confident it can meet supply needs through alternative sources. This decision has driven up European natural gas prices by 5%, amid increased demand for heating due to colder weather. Austria's gas storage facilities are over 90% full, and alternative supply routes are available.

November 14, 2024
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