OMV sells its marketing subsidiary in Bosnia-Herzegovina
- With this move, OMV Refining & Marketing has completed the next step in implementing the defined divestment program that contributes to reduce the weighting of the Refining and Marketing division in the overall OMV portfolio
- OMV BH d.o.o is being sold to the Serbian company NIS, a vertically integrated oil company based in South East Europe
- NIS will take over all 22 employees, a fuel terminal and 28 filling stations as well as the local head office of OMV BH d.o.o in Sarajevo
OMV has signed an agreement to sell its subsidiary in Bosnia-Herzegovina, OMV BH d.o.o, a 100%-owned subsidiary of OMV Refining & Marketing GmbH, to the Serbian oil company NIS.
In Bosnia-Herzegovina, OMV has been active in the retail and commercial business since 2001. There are 22 employees in the head office of OMV BH d.o.o in Sarajevo. The market share of the 28 filling stations is estimated at 8%.
“With this move, we have completed another important step in implementing the OMV strategy which aims at optimizing our Refining and Marketing portfolio by divesting non-core marketing assets.” says Manfred Leitner, OMV Executive Board Member responsible for Refining and Marketing.
Previously OMV Petrol Ofisi, OMV’s Turkish subsidiary, already sold its 52% stake in the Cypriot retail company Kibris Türk Petrolleri Limited Sirketi at the end of November 2011. Furthermore, OMV Petrom announced the sale of its subsidiary Petrom LPG SA in June 2012.
The OMV strategy aims at a sharpened and simplified company portfolio. This includes gradually shifting the portfolio away from Refining and Marketing towards Exploration and Production. OMV will continue focusing the retail and commercial business on markets with integrated supplies. The OMV filling stations in Bosnia-Herzegovina did not fit optimally into the OMV supply chain, therefore a sale of these assets was pursued. Following the completion of this transaction, OMV will have no further activities in the country.
The deal is expected to be closed in the first quarter of 2013 following approval of competition authorities. The companies have agreed not to disclose the purchase price.
With Group sales of EUR 34.05 bn and a workforce of 29,800 employees in 2011, OMV Aktiengesell-schaft 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 1.13 bn boe as of year-end 2011 and a production of around 288,000 boe/d in 2011. In Gas and Power, OMV sold approximately 272 TWh of gas in 2011. In Austria, OMV operates a 2,000 km long gas pipeline network with a marketed capacity of around 101 bcm in 2011. With a trading volume of around 40 bcm in 2011, OMV’s gas trading platform, the Central European Gas Hub, is amongst the most important hubs in Continental Europe. In Refining and Marketing, OMV has an annual refining capacity of 22 mn t and as of the end of 2011 approximately 4,500 filling stations in 13 countries including Turkey. 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.