OMV held a meeting of the crisis team on Monday, a spokesman for the Austrian energy group announced, Reuters reports, according to Agerpres.
The decision comes after its biggest rival, BP, announced that it would give up its 19.75% stake in Russian giant Rosneft, following the Russian invasion of Ukraine.
When asked what OMV’s future in Russia might look like, given BP’s decision, which could lead to asset losses of up to $25 billion, OMV spokesman said “the next meeting of the crisis team is scheduled for Monday.”
Last week, German authorities suspended procedures to authorize the Nord Stream 2 pipeline, a $11 billion project that would have doubled Russian gas supplies to Germany in response to Russia’s actions in Ukraine.
OMV is one of five Western companies to join as financing partners in the Gazprom-led infrastructure project.
OMV also owns almost 25% of Russia’s Yuzhno Russkoye gas field, which supplies the original Nord Stream gas pipeline to Germany and adds 100,000 barrels of oil equivalent per day (boe/d) to OMV’s production.
OMV, in which the Austrian state has a 32% stake, has invested approximately €730 million ($813.95 million) in the Nord Stream 2 project. Other financial investors in Nord Stream 2 are Shell, Engie, Uniper and Wintershall DEA.