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OMV closed the divestment of OMV Pakistan

OMV News, June 28, 2018 - 04:50 pm (CEST)

Today, OMV, the international integrated oil and gas company based in Vienna, closed the sale of its Upstream companies active in Pakistan to Dragon Prime Hong Kong Limited, a wholly-owned subsidiary of United Energy Group Limited, an independent exploration and production company. The final purchase price is approximately EUR 158 mn. The transaction was signed on February 28, 2018.

Johann Pleininger, OMV Board Member Upstream and Deputy Chairman of the Executive Board: “The divestment represents a further step in optimizing OMV’s Upstream portfolio.” 

OMV continues to hold a 10% stake in PARCO, a joint venture between Pakistan and Abu Dhabi in the Downstream business in Pakistan. This stake is not part of the divestment.

Background information:
  
OMV Aktiengesellschaft
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.