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OMV and partners sign agreement for takeover of EconGas by OMV

The owners of EconGas GmbH, OMV (64.25%), EVN (16.51%), Wien Energie (16.51%) and Energie Burgenland (2.73%), have signed an agreement for the takeover of all EconGas shares by OMV. The transaction is subject to approval by the antitrust authorities. The parties have agreed not to disclose the purchase price.

OMV Executive Board member Manfred Leitner, responsible for Downstream: "As announced, we have signed the EconGas takeover agreement before the end of the year and thereby taken another step, as planned, in restructuring OMV’s gas business. This has allowed us to lay the foundations for achieving a significant increase in the efficiency of the 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.