OMV Sells Stake in UAE Gas Project to Lukoil for $594 Million

OMV AG sold its stake in a $20 billion natural gas concession off Abu Dhabi to Russia’s Lukoil PJSC, exiting a project once seen as helping it break free from the Kremlin’s energy orbit.

OMV divested its 5% interest in the Ghasha development for $594 million, less a $100 million transaction fee, the Vienna-based company said Friday. The transaction doubles Lukoil’s holding to 10%.