Austrian integrated oil and gas company OMV announced on Nov. 13 that it had secured an arbitral award from the International Chamber of Commerce exceeding $243 million. This ruling relates to irregularities in German gas supplies provided by Gazprom.

Austrian energy player plans to enforce arbitration award from Russian company revenues for remaining exports to Europe

European natural gas prices surged due to a combination of OMV's legal victory against Gazprom and colder weather increasing demand.

(Bloomberg) -- OMV AG warned Russian natural gas supplies may be disrupted as the company intends to stop paying for imports from Gazprom PJSC to recoup damages it won in arbitration. European futures surged to the highest in a year. OMV doesn’t expect G ...

EADaily, November 14th, 2024. The price of gas in Europe exceeded $ 500 per thousand cubic meters. A new movement was given to her by news from Austria, where OMV announced the winning of compensation from Gazprom in arbitration and plans to receive it from payments that Austrians make for Russian gas on a monthly basis.

Russian gas supply to oil and gas company OMV in Austria is at risk of stopping before the end of the year due to an arbitration case against Gazprom, the company said.

European gas futures jumped to their highest level in a year. This was due to fears that Gazprom may cut off supplies to Austria, Bloomberg reports. Futures on the TTF hub in the Netherlands rose by 3.