18 – Financial assets

The carrying amount of financial assets at fair value through profit or loss as at December 31, 2020 was EUR 3,353 mn (2019: EUR 3,243 mn). These mainly consisted of financial assets held for trading as well as an acquired contractual position towards Gazprom with regard to the reserves redetermination in amount of EUR 688 mn (2019: EUR 662 mn) in connection with the acquisition of interests in the Yuzhno Russkoye field. For further details see Note 6 – Other operating income and net income from equity – accounted investments.

Moreover, this position included financial assets amounting to EUR 57 mn (2019: EUR 59 mn) related to the contingent considerations from the divestment of the 30% stake in Rosebank and from the divestment of OMV (U.K.) Limited, which are dependent on the date when the Rosebank project coventurers will approve the final investment decision.

In 2020, the position Loans included drawdowns and the related accrued interests under the financing agreements for the Nord Stream 2 pipeline project in amount of EUR 953 mn (2019: EUR 852 mn). The drawdowns made during 2020 amounted to EUR 18 mn (2019: EUR 113 mn). For further details see Note 11 – Net financial result. Following the Borealis acquisition the position also included drawdowns and the related accrued interests under a member loan agreement towards Bayport Polymers LLC. For further details see Note 35 – Related Parties.

Other sundry financial assets included expenditure recoverable from Romanian State amounting to EUR 493 mn (2019: EUR 410 mn) related to obligations for decommissioning, restoration and environmental costs in OMV Petrom SA. The receivables consisted of EUR 442 mn (2019: EUR 375 mn) for costs relating to decommissioning and EUR 51 mn (2019: EUR 35 mn) for costs relating to environmental cleanup.

On March 7, 2017, OMV AG, as party in the OMV Petrom privatization agreement, initiated arbitration proceedings against the Romanian Ministry of Environment, in accordance with the International Chamber of Commerce Rules, regarding certain claims unpaid by this ministry for cost incurred by OMV Petrom relating to well decommissioning and environmental restoration works amounting to EUR 60 mn. On July 9, 2020, the Arbitral Tribunal issued the Final Award on the arbitration and requested the Romanian Ministry of Environment to reimburse to OMV Petrom the amount of EUR 59 mn and related interest. As of December 31, 2020, the procedure for recognition and enforcement in Romania of the Award is ongoing. On October 2, 2020, OMV AG, as party in the privatization agreement, initiated arbitration proceedings against the Romanian Ministry of Environment in accordance with the International Chamber of Commerce Rules, regarding certain claims unpaid by the Romanian Ministry of Environment in relation to well decommissioning and environmental restoration obligations amounting to EUR 32 mn. As of December 31, 2020, the arbitration procedure is ongoing.

Additionally, other sundry financial assets contained receivables towards partners in the Upstream business as well as seller participation notes in Carnuntum DAC (see Note 36 – Unconsolidated structured entities – for further details).

For further details on the credit risk management see Note 28 – Risk Management.

Net remeasurement of expected credit losses was mainly related to the trade receivables from contracts with customers.