Austria: Reports - OMV Weighing Asset Sales in Czech Republic, Hungary, Slovakia, Bulgaria and Italy
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Monday, 03 October 2011 |
Hungarian daily Napi Gazdaság and Czech broadcaster news TV CT24 are today reporting that OMV is considering a sale of its fuel service station network in the Czech Republic, Hungary and Slovakia. Under a strategic concept the station and newspaper claim to have obtained, the company would use the proceeds to invest further in natural gas production.
According to the document, the company would maintain its presence in Austria, Germany, Romania and Turkey. The document speculates that OMV could raise €1bn by selling stations in the Czech Republic, Hungary, Slovakia, Bulgaria and Italy in 2014. The Czech, Hungarian and Slovak networks represent over a fifth of the OMV fuel service station network.
Commenting on the reports, an OMV statement said that no decision had yet been made on selling fuel networks. "In conformity with its corporate strategy and the challenging market environment OMV has decided to review the portfolio of its Refining & Marketing division in order to optimise that. This is necessary to keep R&M an important part of OMV’s operations. There is no decision as yet which assets of the R&M segment may be divested therefore we do not comment on the related market rumours. Given that OMV is an international integrated oil and gas group, R&M remains an important part of OMV’s activities," the company said.
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