"OMV today announced the termination of its long-term natural gas supply contract with Gazprom Export in connection with numerous major breaches of contractual obligations by Gazprom Export," the Austrian company said.
The natural gas supply contract, first signed in 1968, was due to run until 2040.
OMV was the first Western company to sign a gas supply contract with the former Soviet Union.
On 16 November, Gazprom halted gas supplies to Austria, which has long been heavily dependent on Russian gas.
Until the summer, Austria imported 90% of its gas from Russia via Ukraine.
But Environment Minister Leonor Gevesler insists that Austria's energy supplies are secure.
Last month, she said domestic gas storage facilities were full and could currently cover Austria's consumption for more than a year.
"Gazprom took the decision to suspend supplies to Austria after OMV won a €230 million arbitration against Gazprom over irregular gas deliveries. The decision was made under the rules of the International Chamber of Commerce (ICC).
OMV said that the compensation awarded would be offset against payments due to Gazprom.
CEO Alfred Stern said OMV would be able to make up the shortfall from its own production in Norway and Austria, from third countries and from additional LNG volumes.
Since Russia invaded Ukraine in 2022, EU countries have been working to remove their dependence on Russian gas. | BGNES
