Ukraine Crisis: OMV considering Nord Stream 2 involvement
File photo shows the OMV HQ building in Vienna, Austria, in December 2019.
Photo by BERK OZDEMIR / Shutterstock.com
Vienna-based oil and gas company OMV has told the Budapest Business Journal that gas supply to Austria is being maintained, but it will review its position on the North Stream 2 pipeline from Russia to Germany.
“The war in Ukraine means we are all confronted by a terrible geopolitical situation that is distressing for many people and which we view with the utmost consternation,” the OMV group statement said.
“OMV has an expert team in place to constantly monitor and evaluate the situation so that appropriate measures can be taken whenever necessary. OMV upholds its responsibility to contribute to the security of gas supplies and is, of course, in compliance with all sanctions. Currently gas supply to Austria is continuing in line with our contracts,” OMV explained.
The group said it had decided on Feb. 1 “to not further pursue” the potential acquisition from Gazprom of “an interest” in the Achimov 4A/5A phase development in western Siberia, and to “review its involvements in the Nord Stream 2 Pipeline.” The OMV statement ended by noting, “we are not in the position to make any predictions for the future.”
The Budapest Business Journal has been contacting leading companies in Hungary to understand better how the war in Ukraine and sanctions against Russia are affecting their business.
See also “MOL says Hungary’s energy supply is secure,” “Gedeon Richter suspends marketing activities in Ukraine,” and “Audi Hungaria Predicts Supply Chain Problems.”
IMF Lowers Hungary 2024 GDP Growth Forecast to 2.2%
Gov't Considering Fuel Price Intervention
25,000 Apartments Being Built in Budapest
Time Out Market to Open in Budapest Next Year
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
