OMV closed the divestment of OMV Petrol Ofisi
Today, OMV, the international integrated oil and gas company based in Vienna, closed the sale of its wholly owned subsidiary OMV Petrol Ofisi to VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd., following the fulfillment of the agreed conditions, including the relevant regulatory approvals.
The sale and purchase agreement was signed on March 3, 2017. The overall transaction value amounts to EUR 1.368 bn. This includes the sale of the Haramidere terminal by Petrol Ofisi to OMV Group in the amount of EUR 28 mn. The net cash impact on OMV will be slightly below EUR 1 bn in Q2 2017. This results from the deconsolidation of Petrol Ofisi’s net cash position of about EUR 400 mn, which includes net proceeds from the divestiture of non-core assets (e.g. Aliaga terminal) of approximately EUR 120 mn already booked in 2016, as well as EUR 81 mn from the carve-out of OMV’s Turkish gas entities, prior to the transaction.
This closing marks a further milestone in OMV´s successful delivery on its corporate strategy.
OMV is producing and marketing oil & gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 19 bn and a workforce of around 22,500 employees in 2016, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Romania and Austria and a balanced international portfolio. 2016 daily production stood at approximately 311,000 boe/d. In Downstream, OMV has an annual refining capacity of 17.8 mn tonnes and more than 2,000 filling stations in ten countries as of June 2017. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2016, gas sales volumes amounted to 109 TWh.