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OMV and partners reach agreement on planned full takeover of EconGas by OMV

October 23, 2015 - 06:00 pm (CEST)

The owners of EconGas GmbH, OMV (64.25%), EVN (16.51%), Wien Energie (16.51%) and Energie Burgenland (2.73%), have reached a substantial agreement on the future corporate-legal structure of EconGas GmbH. The main pillars are OMV´s takeover of shares held by EVN, Wien Energie and Energie Burgenland, representing a total stake of 35.75% in EconGas, and the continuation of the existing client relationships with EVN, Wien Energie and Energie Burgenland. A contractually binding agreement is set to be concluded by the end of the year.

The transaction is subject to approval by the supervisory boards of the respective companies and the antitrust authorities.

OMV Executive Board member Manfred Leitner, responsible for Downstream: "The planned takeover is another step in the restructuring of OMV Group’s natural gas business. We expect that this will yield a significant increase in the efficiency of our natural gas trading business."

EconGas is the joint gas trading subsidiary of OMV, EVN, Wien Energie and Energie Burgenland. EconGas specializes in direct natural gas sales to European business clients, European distributors and in trading natural gas on international hubs. In 2014, EconGas traded 28.4 billion cubic meters of natural gas in Europe and Austria.

Background information:

OMV Aktiengesellschaft
With Group sales of EUR 36 bn and a workforce of around 25,500 employees in 2014, 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. 2014 daily production stood at approximately 309,000 boe/d. In Downstream, OMV has an annual refining capacity of 17.8 mn tonnes and approximately 4,100 filling stations in 11 countries as of end of 2014. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2014, gas sales volumes amounted to 114 TWh.