OMV (OMVV.VI) has received an arbitral award of over 230 million euros ($243.06 million) from the International Chamber of Commerce (ICC) in connection with irregular German gas supplies from Gazprom (GAZP.MM), the Austrian oil and gas group said on Wednesday.
The award, including interest and costs, would positively contribute to its financial losses incurred in 2022, the company said in a statement.
The oil and gas group expects a worsening of its contract with Gazprom Export, a subsidiary of the Russian gas giant, possibly resulting in a halt of gas supply.
The company confirmed it will offset claims against invoices under the Austrian gas supply contract with Gazprom Export to obtain compensation, which will increase its clean CCS operating result and cash flow.
OMV said the potentially affected volume of gas for the Austrian Virtual Trading Point, due to the award, is estimated at up to 7,400 megawatt per hour.
"OMV confirms that it can deliver the full contracted volumes of gas to its customers in case of a potential supply disruption by Gazprom Export," the Vienna-based company said.
"We have been preparing for a possible supply disruption for a long time. In any case, our country's gas supply is secure. Our gas storage facilities are full," Austrian Energy Minister Leonore Gewessler wrote in a post on X, on Wednesday.
In May, OMV said the gas supplies from Russia's Gazprom might be suspended due to a court ruling, without identifying the case.
Earlier in April, Kremlin-controlled energy giant Gazprom had asked a Russian court to ban Austria's OMV from pursuing international arbitration.
Later in the same month, Gazprom filed lawsuits in a Russian court against Czech utility CEZ (CEZP.PR), OMV and Slovak energy group ZSE.
OMV had initiated arbitration proceedings against Gazprom in connection with its participation in a Russian gas field.
($1 = 0.9463 euros)
