OMV has secured extra capacity in the European gas pipeline network for the coming years. As the group announced on Wednesday, it is an additional 40 terawatt hours (TWh) per year for the period October 2023 to September 2026 and about 20 TWh per year for October 2026 to September 2028.
The transfer points for the natural gas are therefore the Oberkappel node in Upper Austria, where a pipeline flows in from Germany, and Arnoldstein in Carinthia for a pipeline from Italy.
By way of illustration: 40 TWh corresponds to almost half of Austria’s annual gas requirement.
“OMV actively promotes the diversification of its gas supply sources, including gas from its own production and purchases from Norway, as well as other LNG volumes,” said CEO Alfred Stern. With the additional transmission capacity, the company secures its medium-term delivery obligations to its contract customers.
OMV also continuously stores gas. The company’s storage facilities are currently about 85 percent full.
According to the Minister of Finance, OMV is now “well prepared”
The Ministry of Finance is pleased with the extra capacity. They are “an important step for security of supply. Because Austria will still need gas in the medium term. This award to OMV offers certainty for several years,” said Minister Magnus Brunner (ÖVP). This means that OMV is well prepared in case the Russian gas supply is interrupted.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
