Changes in Austrian OMV Equity Interest

Oil&Gas Materials 22 October 2008 19:04 (UTC +04:00)

Azerbaijan, Baku, 22 October / Trend / International Petroleum Investment Company of Abu Dhabi increased its share of the OMV joint-stock company from 17.6% to 19.2%, OMV said on 22 October. From October 15, Investment Company is the owner of 57,485,686 shares of OMV.

Changes in equity participation had been made on the basis of the agreement on the consortium between the two main shareholders of OMV - Osterreichische Industrieholding AG (OIAG) and the Investment Company of Abu Dhabi. Currently, these companies possess 151,985,676 shares of OMV (50.7%).

OMV JSC is Austria's largest industrial company with a market capitalization of about $7bln. Each year, OMV sells 13mln cu me of gas.

The company with oil and gas reserves of around 1.22bln cu m, daily production of 321,000 bbl, an annual volume of processing of 26.4mln tons, is the largest oil and gas company in Central Europe. OMV has 2,538 filling stations in 13 countries around the world.

The company also holds a 40.19% stake of Turkish company Petrol Ofisi.