Austrian oil group OMV to sell major Turkish petrol station operator

Austrian energy group OMV announced Friday that it is seeking a buyer for Petrol Ofisi, Turkey's biggest petrol station operator.

The planned sale "is aimed at optimizing OMV’s integrated portfolio in a challenging market environment," said the Vienna-based company that has faced headwinds from low oil prices.

OMV had bought Petrol Ofisi in 2010 for 1 billion euros (1.39 billion dollars), in a strategic deal that was supposed to strengthen OMV's position in the wider Caspian and Middle Eastern region.

Petrol Ofisi is also a leading oil wholesaler and owns Turkey's largest fuel storage and logistics business.

Lower oil prices have forced Austrian energy group OMV to slash the value of its oil assets, resulting in a net loss of 472 million euros (515 million dollars) in the third quarter of last year.

OMV is expected to announce its annual results and a revamped business strategy on Thursday.

Last update: Tue, 12/07/2016 - 13:50
Author: 

More from Business

Financial leaders in Davos optimistic about US, but see trade risk

The US economy will likely profit from the planned policies of its new president, as long as Donald Trump does not...

Facebook to build data centre in Denmark

The Danish city of Odense and social media giant Facebook announced on Thursday the city was to host a new European...

Freight train from China crosses 12,000 kilometres to London

The first Britain-bound freight train from China arrived in London on Wednesday, completing an 18-day trip across...

US prosecutors finalize 7.2-bln-dollar settlement with Deutsche Bank

The US Justice Department announced a 7.2-billion-dollar settlement Tuesday with Deutsche Bank over allegations that...

General Motors announces 1-billion-dollar investment in US workforce

General Motors will join other carmakers in opting to invest and hire inside the United States, the company...