13 January 2012 10:59 [Source: ICIS news]
LONDON (ICIS)--OMV is to evaluate selling its 45% stake in the Bayernoil refining network as part of its plan to raise €1bn ($1.3bn) from divestments because the German concern does not have an integrated petrochemical operation, the Austrian oil and gas group said on Friday.
“We will continue focusing the refining business on refineries with integrated petrochemicals or upstream operations,” OMV said in a press release regarding its new 10-year strategy, unveiled in September last year.
The sale of Bayernoil, which boasts the largest refining network in the Bavarian region, would reduce OMV’s refining capacity by 4.6m tonne/year to 17.7m tonne/year, the company added.
OMV operates three other refining assets: Schwechat in ?xml:namespace>
Deutsche Bank has been appointed as the investment bank to handle the structuring and implementation of the divestment programme, focused on the refining and marketing (R&M) business segment, OMV also announced in its release.
“The OMV strategy aims to sharpen and simplify the company portfolio. This includes gradually shifting the portfolio away from R&M towards exploration and production, and gas and power,” OMV added.
($1 = €0.78)
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