A steel and technology group from Linz (Upper Austria) takes action: Voestalpine has not only stored gas for three months, but is also reducing its dependence on supplies from Russia.
Gas and oil – these two buzzwords cause a roller coaster of emotions at Voestalpine. Because: On the one hand, the technology and steel group from Linz (Upper Austria) benefits from the increased willingness to invest in oil and gas projects, for which Voestalpine is in high demand as a supplier of seamless pipes and threaded connections. On the other hand, a cessation of gas supply from Russia would also wreak havoc on Herbert Eibensteiner’s company.
“Very well prepared for worst-case scenario”
Action has long been taken. “We have prepared very well for the worst-case scenario,” emphasizes Eibensteiner. Voestalpine already has gas reserves to ensure full production for three months. Do you want to build up further stocks for a longer period of time? Eibensteiner dismisses it: “We have reached our target of 1.5 terawatts.”
At the same time, however, dependence on Russian gas has already decreased. For example, Voestalpine, whose profit after tax rose to EUR 615 million in the first quarter of 2022/23, now also uses gas from North Africa and purchases liquefied gas from terminals in Southern Europe.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
