OMV sells Croatian marketing arm in upstream switch

Station sale: OMV offloads Croatian marketing subsidiary

OMV

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Bill Lehane

 01 February 2013 11:55 GMT

Austria's OMV has sold its Croatian marketing subsidiary as part of a billion-euro divestment programme to reduce refining and marketing activities to refocus upstream.

The Vienna-based integrated energy player said that OMV Hrvatska was being sold to Croatian downstream player Crodux Plin, which will retain its 62 filling stations and 63 staff.

The selloff is the latest in a string of divestments by OMV under a September 2011 plan to to gradually to shift its portfolio from refining and marketing to exploration and production as well as gas and power.

The strategy aims to see €1 billion in divestments by 2014, and to raise upstream segment revenues to 55% of OMV’s business from 35%.

Earlier this month Romanian branch OMV Petrom sold its…

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