The Austrian oil, gas and chemicals group OMV has to cope with one-off charges worth millions as a result of the damage to the Schwechat refinery near Vienna and the reduced gas deliveries from Russia. The financial impact of the refinery damaged in an accident will total around 200 million euros in 2022, OMV announced on Friday.
The effects in June amounted to around 90 million euros. The board announced that the refinery was expected to restart in the second half of the third quarter. The total daily capacity of the facility typically averages 200,000 barrels per day. She was damaged in an accident on June 3 during a general overhaul. The refinery supplies airlines and Vienna Airport with kerosene, among others. In order to ensure security of supply, the state had to step in and make part of the fuel reserve available.
However, OMV also has to cope with the reduced gas supplies from Russia. The group has closed so-called derivative hedging positions, i.e. special financial contracts, which means that the operating result before special effects will be reduced by around 50 million euros in the second quarter alone in the natural gas business West. According to OMV, the group produced less oil and gas in the quarter, but achieved higher refining margins in view of rising prices. The OMV share increased by almost seven percent at times.
The early warning level still applies to gas supply in Austria
The early warning level in the gas emergency plan has been in force in Austria since the end of March. OMV recently reported that somewhat more gas was coming from Russia than before. However, if the goal of filling the storage tanks to 80 percent by autumn is at risk, the alarm level should be declared. Austria is 80 percent dependent on Russian gas. Compared to other European countries, however, the country has relatively high storage capacities, which roughly correspond to the consumption of a whole year. The gas storage facilities are currently around 46 percent full. The filling level of the OMV storage is around 72 percent.
For comparison: According to the Federal Network Agency on Friday afternoon, the gas storage facilities in Germany are currently 63.2 percent full. The Federal Ministry of Economics and Climate Protection had already declared the emergency plan in Germany on June 23. Should the Austrian government also declare the alarm level, large consumers would have to report their needs daily, save gas and replace it with other fuels. The state would not intervene in the distribution of gas reserves until the third emergency level.