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(-0.0142) Ethanol T2 ROB (D2X24) 675.111s (+0.266) Gasoil Low Sulphur (LFZ24)
682.25s (-6.00) UK Natural Gas (NFZ24) 117.150s (+2.410) Crude Oil Brent (F)
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(WIF25) 68.75s (-0.49) UK Natural Gas (NFZ24) 117.150s (+2.410) () () Natural
Gas (NGZ24) 3.245 (+0.052) Gasoline RBOB (RBZ24) 2.0316 (-0.0142) Ethanol T2 ROB
(D2X24) 675.111s (+0.266) Gasoil Low Sulphur (LFZ24) 682.25s (-6.00) UK Natural
Gas (NFZ24) 117.150s (+2.410)
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 * OMV Says Russia May Cut Gas on Arbitration Win Over Gazprom

News Utilities


OMV SAYS RUSSIA MAY CUT GAS ON ARBITRATION WIN OVER GAZPROM

By Bloomberg

Nov 14, 2024



The ruling comes as European gas markets brace for a halt in Russia supplies at
the end of the year to some of its remaining customers.



(Bloomberg) -- OMV AG warned Russian natural gas supplies may be disrupted as
the company intends to stop paying for imports from Gazprom PJSC to recoup
damages it won in arbitration. European futures surged to the highest in a year.

Russian piped flows across Ukraine are expected to end Dec. 31 unless an
alternative arrangement is made with Kyiv. OMV doesn’t expect Gazprom to pay the
€230 million ($242 million) award, which could prompt the Kremlin-controlled
company to halt supplies. And that may boost reliance on costly liquefied
natural gas.

Europe’s gas market has been particularly sensitive to disruptions since the
2022 energy crisis, with any outages liable to jolt prices. Futures have climbed
in recent months on gathering risks to supply, and the threat of an imminent
Russian cutoff increases the strain just as the heating season gets underway.

Much of the region has weaned itself off Moscow’s flows in recent years, with
Austria — OMV’s home market — and Slovakia the main remaining importers of gas
piped via Ukraine. While Gazprom has also been involved in arbitration with
other European clients such as Uniper SE and Eni SpA, this is the first time a
company has said it could divert its payments to recover arbitration awards. 

Payments for supplies are likely due by the 20th of the month, if previous
deadlines are any guide.

“Given that OMV has said it will immediately seek to recoup the award, it’s
possible it will withhold its payment to Gazprom for the deliveries it received
in October,” said Tom Marzec-Manser, head of gas analytics at ICIS. “It’s a
tense time.”

  

OMV said it can meet supply obligations via alternative sources in the event
that Russian deliveries under its long-term contract are obstructed. Gazprom
declined to comment.

“Austria can and will manage without Russian gas,” Energy Minister Leonore
Gewessler wrote on X. “Nevertheless, it is clear that a sudden interruption in
supply could cause tension on the gas markets.” 

Benchmark futures jumped as much as 5.4%, the highest since November last year,
and were up 3.7% at €45.27 a megawatt-hour as of 10:51 a.m. in Amsterdam.



OMV said supply of 5 terawatt-hours a month could be affected. That’s roughly 1%
of the European Union’s total gas needs during peak-demand season at the start
of this year — still enough to make traders nervous given the fragility of the
market balance. September was the 10th consecutive month that Russia covered
more than 80% of Austrian gas demand.

Austria has maintained one of Europe’s oldest and deepest connections to Russian
energy, and in 2018 extended a long-term gas contract to 2040. State-owned OMV,
the country’s biggest fossil-fuel company, grew out of its post-World War II
independence treaty that handed over Soviet-controlled energy assets in return
for the nation’s neutrality.

On Wednesday, Slovakia’s largest energy provider, Slovensky Plynarensky
Priemysel AS, outlined alternative routes for gas supplies should a deal fail to
secure future flows through Ukraine. In June, German utility Uniper was awarded
more than €13 billion in damages for undelivered Gazprom gas.

While landlocked countries in central Europe can access LNG, including via new
terminals quickly set up in Germany and the Netherlands at the height of the
energy crisis, it’s an expensive option that includes higher costs for fuel,
regasification and transit. For Slovakia, it would cost it as much as €220
million more a year in transit fees to replace Russian volumes with LNG.

(Updates with analyst comment in sixth paragraph.)

©2024 Bloomberg L.P.

By Jonathan Tirone, Priscila Azevedo Rocha , Elena Mazneva

GAZP:RM OMV:AV ENI:IM UN0:GR ALLTOP BUSINESS CMD COS ELC EUROPE EURTOP
INDUSTRIES LAW MARKETS NRG NRGTOP OIL RUSSIA TOP UK UTI WORLD WWTOP WWTOPEU


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