OMV Flags Higher 3Q Margins, Kurdistan Windfall



Reuters

VIENNA, Oct 13 (Reuters) - OMV expects a third-quarter windfall of a 90 million euros ($106.6 million) due to a settlement reached with the Kurdish leadership in August, the Austrian energy company said on Friday.

OMV said its refining margin rose to $7.04 per barrel in the third quarter from $6.03 in the previous quarter and from $3.69 a year earlier.

Output was stable compared to the previous quarter at 341,000 barrels of oil equivalent per day and up from 301,000 a year earlier, it said.

Iraqi Kurdistan's regional government agreed in August it would pay $1 billion to UAE-based Dana Gas and its partners, including the Pearl consortium, to settle a long-running London court case.

OMV, which holds a 10 percent stake in Pearl alongside partners such as Germany's RWE, received approximately 60 percent of the 90 million euros as a dividend. Around 40 percent was put into an account for future investments in the Khor Mor field.

OMV releases full third-quarter results on Nov. 9.

($1 = 0.8442 euros)

(Reporting by Shadia Nasralla; editing by Kirsti Knolle and Jason Neely)



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