Austrian oil and gas company OMV announced Wednesday the termination its long-term natural gas supply contract with Russia's Gazprom Export, citing multiple fundamental breaches of contractual obligations by the supplier.

The contract, originally signed in 2006 and set to expire in 2040, has been disrupted since Nov. 16, 2024, when Gazprom Export ceased gas deliveries to OMV, the company said in a statement.

Before the disruption, OMV received around 7,400 megawatt-hours (MWh) of gas at the Austrian-Slovakian border, equating to approximately 5 terawatt-hours (TWh) per month.

OMV's CEO Alfred Stern emphasized the company's commitment to reliable supply for its customers in all markets and countries.

'Being fully cognizant of this profound responsibility, we have continuously implemented our diversification strategy for gas supply sources and additional pipeline capacities,' Stern said.

'Thanks to the successful efforts by our gas taskforce team during the past three years, OMV is very well positioned to draw on our diversified portfolio of alternative gas sources, safeguarding supply security for our customers,' he added.