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Austrian energy company OMV to continue importing Russian gas

by The Kyiv Independent news desk July 9, 2023 4:20 PM 1 min read
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The Austrian OMV energy company's CEO, Alfred Stern, told the Financial Times his company didn't plan to exit its long-term supply contract with Russia’s Gazprom signed in 2018 and going until 2040.

“As long as Gazprom will supply . . . we will continue to take these quantities from Gazprom,” Stern said.

OMV supplies about 30% of the Austrian gas market, and its biggest shareholder is the Austrian government.

The company is also one of the five Western financial backers of Gazprom NordStream 2 worth 11 billion euros, which was halted days before Russia launched its full-scale invasion of Ukraine on Feb. 24, 2022.

In June 2022, the EU introduced a ban on importing Russian oil, but gas is not subjected to such sanctions.

Sanctions on gas imports have been discussed by the EU, but no consensus has emerged so far.

Germany and the Czech Republic have reduced Russian gas imports to zero, but Austria has made little to reduce its reliance on Russian gas.

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