MOSCOW (Pakistan Point News / Sputnik - 28th July, 2023) Austrian oil and gas company OMV continues to consider withdrawal from the joint project on development of Russia's Yuzhno Russkoye oil and gas field and is facing some legal issues with the process, OMV Group CEO Alfred Stern said on Friday.
The current legal situation creates difficulties for the company's withdrawal from the project, but it continues to look into ways to terminate its participation in the development of the gas field, Stern said at a press conference.
OMV, the only importer of Russian oil and gas in Austria, signed an agreement to acquire a 24.99% share in the Yuzhno Russkoye natural gas field from German energy company Uniper SE in March 2014. The field is one of the largest gas fields in Russia and is located in the country's Yamalo-Nenets Autonomous Area.
In March 2022, OMV announced that it was suspending future investments in Russia due to the situation in Ukraine. At the same time, Stern said that Austria cannot completely phase out Russian gas as this would incur major consequences for the country.
