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Sunday, December 4, 2022

OMV boss takes a critical view of the gas supply order

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I have been working in news websites for the past three years. I am currently an author at 24 hours world, where I mainly cover world news. I have also written for The Huffington Post and The New York Observer.
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“Extending the share to more than this 45 percent is of course a considerable risk that we as OMV cannot cover in this way”. OMV managed the gas crisis “despite considerable effort” without government support. The state holds 31.5 percent of the company, but that also means that 68.5 percent of the shares are not held by the Republic of Austria.

“We as the Management Board have the same obligation to all shareholders,” said Stern. Stern did not want to speculate in the “Salzburger Nachrichten” about the effects of a supply order, OMV’s responsibility goes beyond security of supply. “We are a successful company and want to be one in 2030 and 2040.” In order to dampen the current price increases, investments would have to be made in production, Stern argues against skimming off profits. Currently Europe has to import diesel, it would make more sense to build new refineries.

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OMV also needs money from good years in order to get through bad years as well. In addition, there is the financing of the conversion to a “more sustainable future” with “green” investments. Deducting OMV’s special dividend from a solidarity levy would be “reasonable” because the other shareholders would feel treated equally. “If I could wish for anything, I would wish for it.”

The OMV share of Austria’s gas storage facilities of 25 terawatt hours or 25 percent of the annual requirement is “more than full”, according to Stern. OMV is already looking forward to next winter. “We will prepare well so that we can achieve what we need again.”

Source: Nachrichten

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