Austrian Oil And Gas Firm OMV Plans To Grow Via Takeovers -CEO



Austrian Oil And Gas Firm OMV Plans To Grow Via Takeovers -CEO
Austrian oil and gas company OMV aims to grow its business with acquisitions in 2018 and increase its earnings by further cutting costs.

Reuters

VIENNA, Feb 21 (Reuters) - Austrian oil and gas company OMV aims to grow its business with acquisitions in 2018 and increase its earnings by further cutting costs, its chief executive said on Wednesday.

Rainer Seele also said that OMV is hoping that construction of the Nord Stream 2 pipeline would start this year and that progress in its planned asset swap with Russia's Gazprom will be made.

"We will... see some strategic changes in our portfolio in 2018, but we will focus more on acquisitions than on divestments as we would like to come up with a growth story for OMV," Seele said.

"We will focus in this respect on our asset swap with Gazprom so we would like to have a first step in (Siberian gas field) Achimov IV,V and of course we would like to execute the North Stream 2 pipeline project as we would like to start the construction in 2018."

(Reporting by Kirsti Knolle, editing by Louise Heavens)



WHAT DO YOU THINK?


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.