OMV sell stake in Bayernoil

OMV to sell stake in Bayernoil

8:03 PM, 17th January 2012
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

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Evonik expands China presence; plans new branch in Chengdu

  ESSEN, GERMANY: Evonik will open a new branch in Chengdu, Sichuan province, China in the first quarter of 2012. Located in the heart of Chengd ...

Read more
Carbogen Amcis acquires France-based Creapharm Parenterals

BUBENDORF, SWITZERLAND: Carbogen Amcis AG has acquired Creapharm Parenterals, a subsidiary of France-based Creapharm Group. Formerly MP5, Creapharm Pa ...

Read more
Tikkurila to cut jobs in Finland

VANTAA, FINLAND: Tikkurila has concluded the co-operation negotiations started in November 2011. The negotiations targeted all personnel groups and fu ...

Read more
Lanxess to build new production plant in Russia

LIPEZK, RUSSIA/ LEVERKUSEN, GERMANY: Rhein Chemie, subsidiary of Lanxess, at the new site in Lipezk, will produce rubber additives and release agents ...

Read more
SABIC and Sinopec to explore new business opportunities

RIYADH, SAUDI ARABIA: Saudi Basic Industries Corporation (SABIC) and the China Petroleum and Chemical Corporation (Sinopec) signed a protocol of coope ...

Read more
Georgia Gulf rejects Westlake’s acquisition proposal

ATLANTA, US: Georgia Gulf rejected Westlake Chemical’s unsolicited proposal to acquire Georgia Gulf for $30.00 per share. “After careful c ...

Read more