OMV has initiated a process to sell some or all of its Turkish OMV Petrol Ofisi subsidiary, as the Austrian player aims to focus on upstream and intergraded downstream activates in the country.
The company is putting up for sale up to 100% of its wholly owned subsidiary, which is involved in the Turkish fuel distribution industry and is also the largest distributor of lubricants in the country, according to OMV.
"OMV is currently selecting its advisors to support the potential transaction and the structuring of the envisaged process. A potential transaction is aimed at optimising OMV’s integrated portfolio in a challenging market environment,” the group said.
OMV has been hit by the oil price slump in the past year, with the group booking around €1.5 billion ($1.6 billion)in impairments in the final quarter of last year for its upstream business and approximately €300 million in its downstream business.