Austrian OMV says Gazprom may halt gas supplies

The Austrian oil and gas group OMV said that Gazprom may suspend gas supplies due to a foreign court ruling.

According to the foreign court's ruling, one of the European companies will have to make any payments under the gas supply contract with Gazprom Export to another European company.

If the decision comes into force, OMV's subsidiary OMV Gas Marketing & Trading (OGMT) will be obliged to pay this company instead of Gazprom.

OGMT stated that it is not yet known whether and when the court's decision could be enforced, but it is likely that Gazprom Export would then stop supplying gas, which would have a significant impact on the Austrian and European gas markets.

Potentially, the decision could affect the supply of 7,400 MWh of gas per hour to Austria, equivalent to 16.8 mcm of gas per day.