OMV Sign 10 Year LNG SPA with BP

OMV AG have signed a long term sale and purchase agreement to receive LNG from BP Plc to help Austria cut its reliance on Russian energy.

• The deal covers supply of up to 1m tonnes of LNG per year for 10 years from 2026.
• The LNG will be received and re-gasified through the Gate LNG Terminal in Rotterdam, or other terminals in Europe.
• The volumes equals roughly 18% of Austria’s gas usage in 2022, based on data from the Energy Institute.
• “It is one of OMV’s key priorities to drive forward our ongoing diversification of supply sources that encompasses gas from our own production and external sources from Norway, as well as additional LNG volumes,” said Alfred Stern, CEO of OMV AG.
• Deliveries under a long-term contract with Gazprom PJSC still accounted for 52% of Austria’s gas imports in May, compared with 79% in February 2022 according to Bloomberg.