OMV quits Russia to focus on Caspian and Middle East
VIENNA – The Austrian company OMV, which is Central Europe's largest oil and gas producer, has sold its assets in Russian fields in a decision to focus its efforts on the Caspian and Middle East, Lenta.ru reports, citing Bloomberg.
OMV sold 79.4 percent of Ring Oil and Trading, which owns 10 licences in Russia – in Saratov Region and the Komi Republic. Besides this the company sold Korsarneft, a Saratov oil fields services firm. The amount of the deal is not being disclosed.
OMV came to Russia in 2006 when it purchased a large stake in Ring Oil Holding & Trading, which has reserves valued at 40 million barrels of oil equivalent. OMV was founded in 1956 and began actively expanding abroad in the beginning of the 2000s. Specifically, OMV bought a 25.1 percent stake in Rompetrol Group, a 45 percent stake in Bayernoil-Raffinerieverbund, and a 50 percent stake in Petrom as well as the foreign asset Preussag Energie and a number of other assets.
According to data from 2009, OMV was engaged in exploration and production in 17 countries.
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