OMV intends to sell its subsidiaries in Croatia and Bosnia-Herzegovina

abarrelfullabarrelfull wrote on 08 Dec 2011 09:55
Tags: bosnia croatia deals downstream omv

Latest News

{"module":"feed\/FeedModule","params":{"src":"http:\/\/\/feed\/pages\/pagename\/blog%3A_start\/category\/blog\/limit\/10\/t\/My+Blog","limit":"3","module_body":"* %%linked_title%%"}}
  • Want a weekly review of refining news?

In line with the OMV strategy, the sale of the retail and commercial business in Croatia (OMV Hrvatska d.o.o) and Bosnia-Herzegovina (OMV BH d.o.o) is under consideration. This would involve a total withdrawal from both markets.

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. In this context, OMV’s Turkish subsidiary, OMV Petrol Ofisi, already sold its 52% stake in the Cypriot retail company Kibris Türk Petrolleri Limited Sirketi end of November 2011.

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 now options for selling these two subsidiaries are under examination.

OMV has been in the retail and commercial business in Croatia since 1992. OMV Hrvatska d.o.o employs 70 staff members at its head office in Zagreb. With 63 filling stations in the country, OMV currently has a market share of around 13%.
In Bosnia-Herzegovina, OMV has been in the retail and commercial business since 2001. There are 23 employees in the head office of OMV BH d.o.o in Sarajevo. The market share in the country is around 8% from 28 filling stations.

Discussions with potentially interested parties will start in the next few months. OMV assumes that the buyer will continue to operate the companies in Croatia and Bosnia-Herzegovina on the same scale as before. At the same time the structure of the total potential divestments in the business segment Refining and Marketing, which could reach up to EUR 1 bn by 2014 and involves reducing refining capacity and marketing assets, will be decided. Currently no further market exits from countries with OMV filling stations are planned.

Unless otherwise stated, the content of this page is licensed under Creative Commons Attribution-ShareAlike 3.0 License