OMV Aims to Sell Petrol Ofisi

by Ship & Bunker News Team
Wednesday February 17, 2016

Austria-based OMV AG (OMV) says it is looking to sell up to 100 percent of its Turkey-based subsidiary OMV Petrol Ofisi A. S. (Petro Ofisi), which sells bunkers and marine lubricants, among other products.

OMV says the potential sale would be intended to optimise OMV's integrated portfolio in the context of a difficult market. 

OMV is not reported to be in talks with any potential buyers yet, and a spokesperson for OMV has noted that it could take 12 to 18 months until a deal is finalised.

"In such a heavily regulated market, it is very difficult for a foreign company to survive," a source familiar with the matter told Reuters.

"The most likely interested parties would be locals."

While the company has not provided comment on an intended sale price of Petrol Ofisi, OMV says it is currently in the process of choosing advisors to structure and support the potential sale process.

It is reported that OMV's CEO, Rainer Seele, intends to unveil the company's strategy on Thursday, potentially sharing details on OMV's investment expansion plans, as well as a planned asset swap with Russia's Gazprom.

"OMV mostly lives off integrated business, where upstream and downstream activities are closely connected through a refinery," said Robert Lechner, an OMV spokesman, adding "we never reached this position in Turkey."

Ship & Bunker News Team
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