OMV to divest 45% stake in Bayernoil by 2014

By NICOLE LUNDEEN

Austrian oil and gas company OMV AG will divest its 45% stake in German refinery Bayernoil Raffinerie GmbH by 2014, according to material presented by the company at its London media summit Wednesday.

OMV announced in January that it would focus its refinery business on refineries with integrated petrochemical or upstream operations, which Bayernoil does not have. In October, OMV CEO Gerhard Roiss told Dow Jones Newswires the company was in talks to divest the stake, but declined to comment further.

The presentation material also said that gas drilling in the Domino block in the Black Sea would begin at the end of 2013. Earlier this year, the company announced a possibly very large gas discovery and has been carrying out 3D seismic surveys.


Dow Jones Newswires

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