OMV divests Upstream Business in Pakistan
OMV News, February 28, 2018 - 16:30 pm (CET)
- Sale of OMV Upstream Business in Pakistan to Dragon Prime Hong Kong Limited for a consideration of EUR 157 mn
- Further step in optimizing OMV’s Upstream portfolio
OMV, the international integrated oil and gas company based in Vienna, has agreed to sell its Upstream Business in Pakistan to Dragon Prime Hong Kong Limited, Hong Kong. The agreed sale price is EUR 157 mn, whereas in case of a dividend payment to OMV or capital increase by OMV the purchase price will be adjusted. The transaction is subject to conditions, including the relevant regulatory approvals. Closing is expected by end of 2018.
OMV Pakistan holds interests in five development and production leases, and operates the producing Sawan, Miano, Latif, Gambat, and Mehar blocks. It further holds interests in five exploration blocks, of which four are operated.
The divestment represents a further step in optimizing OMV’s Upstream portfolio.
OMV also holds a 10% stake in PARCO, a joint venture between Pakistan and Abu Dhabi in the Downstream business. This stake is not part of the divestment.
OMV is producing and marketing oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 20 bn and a workforce of around 20,700 employees in 2017, 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, with the North Sea, the Middle East & Africa and Russia as further core regions. 2017 daily production stood at approximately 348,000 boe/d. In Downstream, OMV operates three refineries with a total annual processing capacity of 17.8 mn tonnes and more than 2,000 filling stations in ten countries as of year-end 2017. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2017, gas sales volumes amounted to 113 TWh.