OMV Plans to Sell 49% Stake in Gas Connect Austria

Austrian oil and gas firm OMV announced Monday that it is divesting itself of up to 49-percent of its currently wholly-owned Gas Connect Austria business.

Gas Connect Austria operates and constructs natural gas high-pressure pipelines in Austria.

Manfred Leitner, director of Downstream for OMV, commented in a company statement:

"As a first result of the ongoing review of our Downstream Gas asset portfolio, we decided to divest a minority stake in our regulated gas transportation business in Austria. In times of a difficult oil price environment, we are taking the appropriate measures to both optimize the portfolio and strengthen the Group’s cash flow and balance sheet.

"So far, potential investors have expressed a strong interest, as the regulated business is a stable profit contributor."

OMV said it is currently in the process of selecting an advisor to support the transaction. The deal is expected to be signed during the course of 2016.


Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Petrofac Appoints New CFO (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Chicago, IL
Logistics Coordinator & Optimization Analyst
Expertise: Logistics Management
Location: Billings, MT
Expertise: Heavy Machinery Operator
Location: Midland
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours