EANS-Adhoc: OMV Aktiengesellschaft / Stockholding business of OMV sold

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
18.01.2013 
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
purchase price.  
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:
OMV
Investor Relations:
Lacramioara Diaconu-Pintea
Tel. +43 1 40 440-21600
e-mail: investor.relations@omv.com 
Media Relations:
Johannes Vetter 
Tel. +43 1 40 440-21661
e-mail: media.relations@omv.com 
Internet Homepage: http://www.omv.com 
issuer:      OMV Aktiengesellschaft 
         Trabrennstraße  6-8 
         A-1020 Wien
phone:       +43 1 40440/21600
FAX:         +43 1 40440/621600
mail:        investor.relations@omv.com
WWW:         http://www.omv.com
sector:      Oil & Gas - Downstream activities
ISIN:        AT0000743059
indexes:     ATX Prime, ATX
stockmarkets: official market: Wien 
language:   English 
    
The content and accuracy of news releases published on this site and/or 
distributed by PR Newswire or its partners are the sole responsibility of the 
originating company or organisation. Whilst every effort is made to ensure the 
accuracy of our services, such releases are not actively monitored or reviewed 
by PR Newswire or its partners and under no circumstances shall PR Newswire or 
its partners be liable for any loss or damage resulting from the use of such 
information. All information should be checked prior to publication. 
-0- Jan/18/2013 12:12 GMT
 
 
Press spacebar to pause and continue. Press esc to stop.