The OMV group and the top government have received an explosive offer from Norway. If a quick deal succeeds, one could say goodbye to Russian gas and still secure the supply.
The last warm days of the year will soon be over. The heaters are turned on, so the local gas suppliers have to fall back on their filled storage tanks. At the beginning of the week, the government opted for calm: “We have pulled out all the stops to fill our large storage facilities and create security of supply. Today we can say that we are well prepared,” said the Chancellor Karl Nehammer at the beginning of the week. Because this year, but especially next year, it can still be tight, the government and the state holding company ÖBAG have now given OMV a project order. The goal: Austria could become completely independent of Russian gas in as little as a year and secure the supply of industry and households.
And that could go like this: A Norwegian consortium has approached the head of government and also OMV with an offer and wants to get at least 51 percent in the oil and gas division. In return, Austria is guaranteed procurement rights for up to 75 terawatt hours (TWh) of Norwegian natural gas per year; Austria currently needs around 90 TWh. This would end the dependency on Putin, because the remaining quantities could easily be obtained from other suppliers – and the next winter (and the following ones) would also be saved.
Nevertheless, there are two obstacles: On the one hand, the OMV leadership around General Director Alfred Stern was only approved for a change of strategy in the spring of this year. In the future, OMV wants to invest more in the plastics division and focus less on oil and gas. However, many are wondering whether these business areas have to be an either/or question. One solution would be to split OMV into two companies or to spin off the energy sector.
This brings us to the second problem: The Republic only has a 31.5 percent stake in OMV. 24.9 percent are owned by the Mubadala Group in Abu Dhabi. The two are connected to each other via a syndicate agreement, so coordinate with each other and not against each other. Experts believe that Mubadala would be ready to withdraw from the oil and gas business. Then the republic could increase its stake to 49 percent, the Norwegians would be the majority owner with 51 percent, which would be their condition. In return, Mubadala would increase the plastics division.
Under time pressure
“Security of supply is one of the most important issues for us at the moment,” the KURIER was assured both by Finance Minister Brunner, who represents the owner, and by the new ÖBAG President, Günther Ofner. Therefore, OMV is now being urged to revise the strategy that has only just been decided upon – and to do so before the end of this year. Because the allocations for Norwegian gas have to be made by the end of the year.
It is well known that not everyone at OMV is happy with it. Because there were good economic reasons for the change of strategy to petrochemistry, but before the start of the war. And it is also clear that such a mega deal cannot be brought about in a few weeks. But: In a state of war, quick action and determined owners are required, even if politicians want to avoid interfering in the business of state-owned companies after the Thomas Schmid case. As has been heard, government officials could already be booked for plane tickets to Abu Dhabi in the next few weeks.