OMV intends to sell its subsidiaries in Croatia and Bosnia-Herzegovina
- Important step in implementing the OMV strategy: Reducing the weighting of the business segment Refining and Marketing in the overall portfolio
- Sale of subsidiaries in Croatia and Bosnia-Herzegovina under consideration
In line with the OMV strategy, the sale of the retail and commercial business in Croatia (OMV Hrvatska d.o.o) and Bosnia-Herzegovina (OMV BH d.o.o) is under consideration. This would involve a total withdrawal from both markets.
The OMV strategy is to sharpen up and simplify the company portfolio. This includes gradually shifting the portfolio away from Refining and Marketing towards Exploration and Production and Gas and Power. In this context, OMV’s Turkish subsidiary, OMV Petrol Ofisi, already sold its 52% stake in the Cypriot retail company Kibris Türk Petrolleri Limited Sirketi end of November 2011.
OMV will continue focusing the retail and commercial business on markets with integrated supplies. Croatia and Bosnia-Herzegovina do not fit optimally into the OMV supply chain therefore now options for selling these two subsidiaries are under examination.
OMV has been in the retail and commercial business in Croatia since 1992. OMV Hrvatska d.o.o employs 70 staff members at its head office in Zagreb. With 63 filling stations in the country, OMV currently has a market share of around 13%.
In Bosnia-Herzegovina, OMV has been in the retail and commercial business since 2001. There are 23 employees in the head office of OMV BH d.o.o in Sarajevo. The market share in the country is around 8% from 28 filling stations.
Discussions with potentially interested parties will start in the next few months. OMV assumes that the buyer will continue to operate the companies in Croatia and Bosnia-Herzegovina on the same scale as before. At the same time the structure of the total potential divestments in the business segment Refining and Marketing, which could reach up to EUR 1 bn by 2014 and involves reducing refining capacity and marketing assets, will be decided. Currently no further market exits from countries with OMV filling stations are planned.
With Group sales of EUR 23.32 bn and a workforce of 31,398 employees in 2010, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Exploration and Production, OMV is active in two core countries Romania and Austria and holds a balanced international portfolio. OMV had proven oil and gas reserves of approximately 1.15 bn boe as of year-end 2010 and a production of around 287,000 boe/d in 9m/2011. In Gas and Power, OMV sold approximately 18 bcm of gas in 2010. In Refining and Marketing, OMV has an annual refining capacity of 22.3 mn t and as of the end of September 2011 approximately 4,700 filling stations in 13 countries including Turkey. In Austria, OMV operates a 2,000 km long gas pipeline network with a marketed capacity of around 89 bcm in 2010. With a trading volume of around 34 bcm in 2010, OMV’s gas trading platform, the Central European Gas Hub, is amongst the most important hubs in Continental Europe. OMV further strengthened its position through the ownership of a 97% stake in Petrol Ofisi, Turkey’s leading company in the retail and commercial business.
OMV is a signatory to the UN Global Compact, and an active supporter to the values enshrined in its Code of Conduct. These include a strong sense of responsibility towards the social and natural environment, especially in economically weak regions. OMV continuously addresses economic, environmental and social issues related to its business in a responsible manner. The company reports on its activities in a sustainability report in accordance with the Global Reporting Initiative Guidelines.