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Tag: omv

  • OMV to sell its business in Slovenia, where it operates 120 gas stations

    OMV to sell its business in Slovenia, where it operates 120 gas stations

    OMV announced on Thursday the sale of the business in Slovenia, where it operates 120 gas stations, under the OMV, Eurotruck, Avanti and Diskont brands.

    With its limited integration within the Downstream oil value chain, the divestment of this business represents a further step in OMV’s portfolio optimization.

    This transaction is a new step in optimizing OMV’s portfolio and is part of the second package of assets put up for sale.

    Also, OMV’s subsidiary Borealis has decided to start a process of divesting its nitrogen business unit including fertilizer, technical nitrogen and melamine products.

    The company’s share in fertilizer production sites in The Netherlands and Belgium (“Rosier”) is not presently being considered within the potential sales process. 

  • OMV sold its filling station business in Germany to EG Group

    OMV sold its filling station business in Germany to EG Group

    EG Group will acquire OMV filling station business in Germany. The transaction is subject to required regulatory approvals and closing is expected in 2021. 

    The purchase price amounts to EUR 485 mn. As part of the agreement, EG Group will assume lease liabilities resulting in a total enterprise value for the business of approximately EUR 614 mn.

    The purchase price is subject to customary net working capital and net debt adjustments. 

    The agreement encompasses 285 filling stations in southern Germany with focus on Bavaria and Baden-Württemberg, which have only a very limited degree of integration with OMV’s refinery in Germany, as the refinery is specialized in petrochemicals production.

  • OMV revises oil price assumptions

    OMV revises oil price assumptions

    OMV, the international oil and gas company headquartered in Vienna, has reduced its Brent oil price planning assumptions. 

    The long-term Brent oil price assumptions are now reduced to USD 60/bbl real, compared to USD 75/bbl applied before.

    For 2021, the company expects a continued macroeconomic impact of the COVID-19 pandemic and confirms its oil price forecast of USD 50/bbl. 

    The oil price expectations for 2022 and 2023 are reduced to now USD 60/bbl from USD 70/bbl and USD 75/bbl, respectively. 

    For the years 2024 to 2029, OMV assume a Brent oil price of USD 65/bbl (before USD 75/bbl), which is expected to gradually decline to USD 60/bbl until 2035. 

    From 2035 onwards, OMV use a Brent oil price of USD 60/bbl.

    All assumptions for the years 2025 onwards are based on 2025 real terms. 

    The updated price planning assumptions are expected to result in non-cash net impairments of around EUR 600 mn post-tax in the third quarter results, net of minor impairment reversals.

    The impairments in Upstream are approximately equally ascribed to tangible assets and write-offs of exploration intangibles.