PR Newswire/euro adhoc/
EANS-Adhoc: OMV Aktiengesellschaft / Stockholding business of OMV sold
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
other/OMV / Oil / Gas / Austria
Today, OMV Aktiengesellschaft and Erdöllagergesellschaft m.b.H. (ELG) have
agreed the sale of Lagermanagementgesellschaft m.b.H. (LMG, a 100% subsidiary of
OMV Aktiengesellschaft) to ELG. The parties have agreed not to disclose the
OMV - as importer of oil and oil products - is obliged according to Austrian
legal requirements to ensure availability of 25% of its annual imports as
compulsory emergency stock in case of a crisis. LMG holds and manages a major
part of these strategic reserves which currently represents about 1 mn tonnes of
crude oil units *. With this transaction, ELG will assume this part of OMV's
emergency stocks. ELG, appointed as the national central stockholding entity, is
serving the industry to fulfil the requirements of the Austrian oil stockholding
act (Erdölbevorratungsgesetz), which is in line with the stockholding regime of
the European Union and the International Energy Agency. OMV will realize a
one-time positive EBIT effect of approx. EUR 440 mn upon closing of the
transaction, which is expected in Q1/13 and is subject to approval of the
Austrian Competition Authority.
This transaction will make OMV's Refining and Marketing (R&M) business more
comparable to its peers, who, for the most part, either do not have a similar
stockholding obligation or have already outsourced the stockholding. This step
is in line with OMV's strategy to restructure the R&M portfolio in order to
improve balance sheet efficiency.
* A crude oil unit is defined under the Austrian Stockholding Act and is approx.
one kg of available crude oil or an equivalent amount of refined products.
Further inquiry note:
Tel. +43 1 40 440-21600
Tel. +43 1 40 440-21661
Internet Homepage: http://www.omv.com
issuer: OMV Aktiengesellschaft
phone: +43 1 40440/21600
FAX: +43 1 40440/621600
sector: Oil & Gas - Downstream activities
indexes: ATX Prime, ATX
stockmarkets: official market: Wien
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-0- Jan/18/2013 12:12 GMT
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