Austria: OMV to Sell Crotia and Bosnia-Herzogovina Fuel Businesses
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Wednesday, 07 December 2011 |
OMV has announced plans to withdraw from the fuel retail market in Croatia and Bosnia- Herzegovina in an effort to “sharpen up and simplify the company portfolio.” In a statement, the Austrian oil firm said it planned to sell the retail and commercial businesses in both states as part of its gradual shift from refining and marketing towards exploration, production, gas and power.
OMV’s Turkish subsidiary has already begun implementing this strategy, selling its 52% stake in Cypriot retailer Kibris Türk Petrolleri in November, and the company said it would continue focusing its retail and commercial business on markets that had 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,” said a statement.
OMV’s Croatian business has been active since 1992, with a network of 63 fuel service stations and a market share of approximately 13%. The company has been involved in fuel retail in Bosnia-Herzegovina, meanwhile, since 2001. It currently has a market share of roughly 8% and 28 fuel service stations. Negotiations with potential buyers, the company said, 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,” said the statement. “Currently no further market exits from countries with OMV filling stations are planned.”
PetrolWorld 07122011
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