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!
Email news@rigzone.com

WHAT DO YOU THINK?

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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Scottish Government Reveals New Subsea... (Jan 20)
 -  SOFF Secures Services Contract for Jan... (Jan 20)
 -  NPD Grants Lundin Permit for Appraisal... (Jan 20)
 -  Lion: AMT-1 Well Abandoned After Stuck... (Jan 20)
 -  Unite: Workers 'Deeply Unhappy' About ... (Jan 20)


Most Popular Articles

From the Career Center
Jobs that may interest you
Field Materials Coordinator
Expertise: Materials Management
Location: El Reno, OK
 
Drill Bit Repair Technician
Expertise: Mechanical Technician
Location: Midland, TX
 
Business Development Analyst
Expertise: Business Analyst|Business Development
Location: Chesapeake, VA
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours