OMV acquires total ownership of OMV Istrabenz, Slovenia
July 16, 2004
Austria's OMV AG, a 50% owner in the joint venture OMV Istrabenz Holding PLC., reported it is purchasing the remaining 50%, making the former JV a wholly owned OMV subsidiary and strengthening OMB's position in the Adriatic region. Slovenia is expected to approve the purchase in the third quarter.
By OGJ editors
HOUSTON, July 16 -- Austria's OMV AG, a 50% owner in the joint venture OMV Istrabenz Holding PLC., reported it is purchasing the remaining 50%, making the former JV a wholly owned OMV subsidiary and strengthening OMB's position in the Adriatic region. Slovenia is expected to approve the purchase in the third quarter.
OMV Istrabenz supplies a market with an estimated annual oil products consumption of 15 million tonnes.
At the same time, OMV has sold its 25% stake in Istrabenz DD, with which it will continue business cooperation, OMV said, particularly regarding supply of liquefied gas, storage of oil products, and information technology.
