Austrian OMV called the sale of its Russian asset expropriation
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The Austrian oil and gas company OMV called expropriation the decision of the Russian authorities to forcibly sell its 24.99% stake in a joint venture with Gazprom – Severneftegazprom (operator of the development of the Yuzhno-Russkoye field). The decree on the sale of the share was signed by Russian President Vladimir Putin on December 19, 2023.
“This decree amounts to a unilateral and irreversible expropriation by capturing OMV’s interests through compensation that will ultimately be largely determined by Russia and transferred to accounts under Russian control. OMV is reviewing current facts and future developments, and is also considering steps to protect its rights,” the statement reads. report companies based on the results of the fourth quarter of 2023.
The decree signed by Vladimir Putin provides for the forced sale of a stake not only to the Austrian OMV, but also to the German Wintershall Dea. We are talking about joint ventures with Gazprom Achimgaz to develop the first block of the Achimov deposits of the Urengoy field (Wintershall has 50%), Achim Development to develop the fourth and fifth blocks, respectively (Wintershall has 24.99%), and Severneftegazprom (Wintershall 35%, OMV 24.99%).
Read more in the Kommersant article. “On guard of fallowness”.
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