Austria's OMV plans to sell Croatia, Bosnia retail subsidiaries

06 December 2011 12:25  [Source: ICIS news]

LONDON (ICIS)--OMV is looking for buyers for its retail and commercial businesses in Croatia and Bosnia-Herzegovina, the Austrian oil, gas and petrochemical group said on Tuesday.

The planned sale of the subsidiaries follows on from September's announcement of a new 10-year strategy, which envisages OMV divesting up to €1bn ($1.3bn) of assets by 2014.

“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,” OMV said in a statement.

“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 options for selling these two subsidiaries are under examination,” it added.

OMV has been present in the retail and commercial markets of Croatia and Bosnia-Herzegovina since 1992 and 2001, respectively.

In line with the new strategy, Turkish subsidiary OMV Petrol Ofisi sold its 52% stake in Cypriot retail company Kibris Turk Petrolleri Limited Sirketi at the end of November, OMV added.

($1 = €0.75)

By: Will Conroy
+44 20 8652 3214

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