28 June 2013 11:16 [Source: ICIS news]
LONDON (ICIS)--OMV has agreed the sale of its lubricants business to Russia’s Lukoil Group, the Austrian oil, gas and petrochemicals group said on Friday.
The lubricants division – the sale price of which was not disclosed – consists of a sales and distribution organisation in central and eastern Europe as well as a modern blending plant in Austria, it said.
The 74 employees across nine countries that work in the lubricants business would retain their jobs under Lukoil, while the transaction would not have any impact on the lubricants business of OMV’s Turkish subsidiary Petrol Ofisi, OMV said.
“This transaction is the next step in the implementation of our strategy to optimise and simplify the refining and marketing portfolio”, said Manfred Leitner, OMV’s executive board member responsible for refining and marketing.
In September 2011, OMV reformulated its group strategy, announcing plans to to divest up to €1bn ($1.3bn) of assets by 2014 as part of the objective of increasing its strategic focus on exploration and production.
The sale of the lubricants business to Lukoil was expected to be closed at the end of 2013 following approval by the competition authorities, OMV said.
($1 = €0.77)
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