Austria forms commission to explore reducing Russian gas dependency

10 Jul 2024 CW Team

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)

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..