OMV to sell stake in Bayernoil

VIENNA, AUSTRIA: OMV AG, central Europe’s biggest oil company, may sell its stake in the Bayernoil Raffinerie GmbH joint venture as part of a plan to dispose €1 billion ($1.3 billion) of refining and marketing assets by 2014. OMV in September announced plans to sell refining units and filling stations to focus on exploration and production, which offers higher margins and is expected to account for 55 per cent of the company’s total assets by 2021.

The other shareholders of Bayernoil are Ruhr Oel GmbH, which has 25 per cent, Agip Ltd’s German unit with 20 per cent and BP Plc with a 10 per cent stake. The Austrian producer sold its 52 per cent stake in Cypriot retail company Kibris in November and last month put its Croatian and Bosnian filling stations up for sale. OMV also said that it hired Deutsche Bank AG to handle the structuring and implementation of its divestment programme.

© Bloomberg News