BP sells stake in Bayernoil refinery and 313 gas stations in OMV

abarrelfullabarrelfull wrote on 10 Feb 2012 11:52

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10 February 2003

BP announced today the signing of a contract for the sale of a stake of 45% at the Bayernoil refinery and 247 gas stations of its network in Germany, 55 stations in Hungary and 11 stations in Slovakia to OMV (Austrian Mineral Oil Administration) Public Company, one of the largest , listed industrial companies in Austria and a leading oil and gas company in Central and Eastern Europe. In addition, OMV acquired a stake of 18% on the Trans Alpine Pipeline (TAL), which - provided the Bavarian refineries - starting from Trieste.

The sale meets the German Cartel Office BP now fully supports which have been in connection with the acquisition of Veba Oel and Aral imposed in December 2001 by the Federal Cartel Office. Are the gas stations in Hungary and Slovakia, which is part of the sale, the entire Aral network include in these countries.

The purchase price amounts to 377 million euros in cash plus the value of current assets on the date of transfer. The parties expect the transaction, which is kept by appropriate licenses and advance rights depends to complete, during the second quarter of 2003.

"We are pleased to have met the requirements Cartel hereby fully," said Wilhelm Bonse-Geuking, CEO of Deutsche BP. "We have made great progress in integrating the operations of Veba Oel, Aral and BP made in Germany and now hope to be able to complete this process in the second quarter of 2003."

OMV is being advised by Goldman Sachs and BP, Deutsche Bank.

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