Borealis, Owners and Joint Ventures
Austria's OMV to sell Croatia marketing business to Crodux
ICIS News : 1-Feb-13 15:44
LONDON (ICIS)--OMV has agreed to sell its marketing subsidiary in Croatia to Crodux derivati, the Austrian energy and petrochemicals major said on Friday.
Crodux derivati, a member of Croatia’s energy group Crodux Plin, will take over 62 fillings stations, a local OMV head office in Zagreb, and 63 employees, OMV said without disclosing financial terms.
The filling stations in Croatia were not within the delivery area of OMV’s refinery at Schwechat, near Vienna, which was why the company decided to sell the assets, it said. Following completion of the sale, expected by 30 June, OMV will have no further refining and marketing activities in Croatia.
OMV had announced plans to sell the business in 2011, along with its marketing subsidiary in Bosnia. The Bosnia business was sold last November.
The divestments are part of OMV’s strategy to focus its retail and commercial business on markets where it has integrated supplies. At the same time, the company aims to gradually shift its portfolio away from refining and marketing, towards exploration and production, it said.
By Stefan Baumgarten
+1 713 525 2653