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10/24/2022, 4:45 PM (Source: TeleTrader)
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Austria seeks to increase gas supply from UAE

Austria will aim to further reduce its dependence on Russian energy by securing additional supplies from the United Arab Emirates during Chancellor Karl Nehammer's visit to Abu Dhabi later this week.

According to Nehammer, who dubbed the UAE an "important strategic partner," the negotiations in Abu Dhabi will focus on increasing Austrian security of supply for the upcoming winter season. Austrian Finance Minister Magnus Brunner and Energy Minister Leonore Gewessler will also attend the meetings.

Austria has diminished its reliance on Russian gas from 80% to 50% and is "well prepared for the winter," as stated by Nehammer's office. The UAE and Austria have important links, with Abu Dhabi sovereign wealth fund Mubadala being one of the biggest shareholders of the Austrian oil and gas company OMV.

Baha Breaking News (BBN) / MX