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TotalEnergies SE and OMV AG are set to launch plants that will convert waste plastic into synthetic oil, aiming to reduce emissions in chemical production. This innovative approach of returning used plastics to a liquid oil state is gaining traction as a viable alternative to traditional mechanical recycling methods.
Austria's energy chief stated that the decision for OMV AG to exit its long-term gas contract with Gazprom lies with the company's executives and shareholders, as the risk of blackmail over supplies has diminished. The contract, established in 2018, extends until 2040 and has come under scrutiny following OMV's €230 million arbitration win against Gazprom, which halted fuel deliveries in response to the settlement claim.
Gazprom has halted natural gas deliveries to Austria’s OMV AG, cutting off one of its longest partners as scheduled. This decision follows OMV's announcement to cease payments to Gazprom in order to recover a €230 million arbitration award. Despite this, gas flows to Europe via Ukraine remain steady.
OMV AG has secured a €230 million ($243 million) award from Gazprom PJSC following an arbitration ruling by the International Chamber of Commerce concerning gas deliveries in 2022. The dispute arose from "irregular" German gas supplies prior to September 2022, which may impact future procurements from Russia.
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European refiners launch synthetic oil plants from waste plastic
12:15 26.11.2024
Austria leaves OMV's Gazprom contract decision amid reduced blackmail concerns
10:53 21.11.2024
russian gas flows to europe remain steady despite omv cut off
10:16 16.11.2024
omv secures 230 million euro award from gazprom over gas dispute
21:22 13.11.2024
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