Austria's energy minister has announced the establishment of a panel of experts tasked with assessing the feasibility of terminating a long-term gas supply agreement between OMV and Gazprom, aimed at reducing the country's reliance on Russian gas. Leonore Gewessler of the Greens, part of a coalition led by Chancellor Karl Nehammer's conservatives, has been vocal about ending the contract that extends until 2040.

While Nehammer's party acknowledges the need to diversify away from Russian gas, tensions within the coalition have escalated ahead of the upcoming parliamentary elections on September 29. As of May, Russia accounted for 90% of Austria's net gas imports, highlighting the urgency of the situation.

OMV has granted the commission access to the contract, which has been closely guarded. Headed by retired judge Irmgard Griss from the liberal Neos party and law professor Andreas Kletecka, the commission includes economists and legal experts. "It is crucial to determine if there are legal avenues to terminate this contract," Griss emphasised during a press conference.

The commission aims to present its initial findings by autumn, with a final report expected by year-end, though timing vis-?-vis the elections remains unspecified. The far-right Freedom Party (FPO), leading in opinion polls, defends Austria's neutrality amidst accusations of pro-Russian leanings from rival parties.

(Source: ET)