The partially state-owned group is one of the largest oil and gas companies in Europe.
(Photo: REUTERS)
Dusseldorf Despite the Russian war of aggression against Ukraine, the Austrian oil and gas group OMV currently sees no way of selling its Russian business. Instead, the company is now officially joining the German-Russian Chamber of Commerce (AHK) with “OMV Russia Upstream”, a lobby for German business in Russia.
An interview that was sent out in the AHK member newsletter when the subsidiary joined the company caused irritation: “Russia offers enormous potential in every respect,” explains Andreas Böldt, head of OMV Russia Upstream GmbH, the decision. The manager went on to explain that he particularly appreciates “the diverse cultural offerings, the creativity and open-mindedness of the people, and the different landscapes and natural regions” in Russia.
When asked, a spokeswoman for OMV confirmed that the Russian subsidiary had joined the interest group, but OMV had been a member of the AHK in Russia for years. Now only with the agency registered in Russia. You just renewed your membership.
In the chamber’s newsletter, Böldt talks about the advantages of the community: “As an individual company, it is difficult to get the authorities and offices to listen,” the AHK has “a completely different weight in addressing the legitimate interests of the companies”.
Other Western companies are also sticking to their business in Russia or have not managed to withdraw completely – such as Volkswagen, SAP or Bosch. According to the University of St. Gallen and the business school IMD, only 8.5 percent of companies from EU and G7 countries have left Russia completely. This is partly because the government in Moscow is making the hurdles for withdrawal as high as possible.
25 percent of the Russian gas field Yuzhno-Russkoye
Vienna-based OMV holds almost 25 percent of the Russian gas field Yuzhno-Russkoye. According to the company, the participation has not been profitable for a long time. The Austrians are also involved in financing the Nord Stream 2 pipeline.
Both investments were written off in 2022 with a total of 2.35 billion euros. At the same time, all options for the gas field participation are being examined, “including a sale and exit,” according to a spokeswoman for the group.
Since March, the energy company no longer includes the Russian business in the annual report. No new investments are to be made in the country in the future. However, OMV continues to obtain gas from Russia.
In total, the company has two supply contracts with Gazprom, one to Germany and one to Austria. “Gazprom continues to deliver nothing to Germany, and deliveries to Austria vary greatly,” said OMV CFO Reinhard Florey in February.
OMV is currently getting 100 percent, but in the past it was only 30 percent or less. A spokeswoman confirmed on request that nothing has changed in this regard.
More: Nine out of ten German companies are still active in Russia