Contact OMV Group
ar en fr
Logout
OMV Global
Close

OMV divests wholly owned subsidiary OMV Petrol Ofisi for EUR 1.368 bn to Vitol Group

News_PetrolOfisi

  • Sale of 100% interest of OMV Petrol Ofisi to Vitol
  • Further important step on delivering on OMV’s corporate strategy

OMV, the international integrated oil and gas company based in Vienna, has agreed to sell 100% of the shares in its wholly owned subsidiary OMV Petrol Ofisi to VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd.

The overall transaction value amounts to EUR 1.368 bn. Thereof EUR 81 mn relate to net cash proceeds from a prior carve-out of OMV’s Turkish gas entities. The transaction is subject to conditions, including the relevant regulatory approvals and is anticipated to close in Q3/17 at the latest.

Rainer Seele, OMV Chief Executive Officer: “The original plan of integrating Petrol Ofisi into the value chain of OMV Group could not be realized. Therefore, the decision to sell the company was the right and necessary step in the course of implementing our corporate strategy. In light of the challenging environment, I am pleased that we successfully concluded the negotiations. ”

Based on the purchase price, OMV will record a further impairment of EUR 186 mn in its Q4/16 financial accounts. This booking is in addition to the impairment of EUR 148 mn recorded as of December 31, 2016 when OMV reclassified OMV Petrol Ofisi as "asset held for sale".

Upon closing of the transaction, a negative foreign exchange rate effect of approximately EUR 1.1 bn has to be recorded in OMV Group net income. This stems from the negative development of the Turkish Lira against the Euro since the acquisition of OMV Petrol Ofisi in 2010. This has no impact on OMV Group equity since corresponding foreign exchange translation effects were directly charged to Group equity in prior periods.

OMV Petrol Ofisi is a leading player in the Turkish fuel distribution industry. With 1,709 fuel stations the company operates the largest retail station network in Turkey and is a leading fuels supplier to commercial and industrial customers. Total sales volume in 2016 amounted to 10.68 mn tons. In addition, OMV Petrol Ofisi owns the largest fuel storage and logistics business in Turkey with a total storage capacity in excess of 1 mn cubic meters. The company is also the largest distributor of lubricants in Turkey.

Background information:

OMV Aktiengesellschaft

OMV is producing and marketing oil & gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 19 bn and a workforce of around 22,500 employees in 2016, 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. 2016 daily production stood at approximately 311,000 boe/d. In Downstream, OMV has an annual refining capacity of 17.8 mn tonnes and approximately 3,800 filling stations in 11 countries (including Turkey) as of end of 2016. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2016, gas sales volumes amounted to 109 TWh.