The owners said Deminex had a complicated company structure that was a handicap for their worldwide upstream ambitions. The activities of Deminex will now be co-ordinated with those of the mother companies. As a result of the problems, Deminex's oil output went down by 8% to a 167,000 barrels per day last year. Daily gas output was 7.4 million cubic metres.
Deminex divided up between its three owners
GERMAN oil company Deminex has been broken up into three parts in a move designed to make operations more effective , according to its owners, the industrial groups Veba Oil, Wintershall and RWE-DEA, writes Arnstein Myrvang. Investment plans for Deminex's upstream operations will not be changed.
25 July 1998 0:00 GMT
Updated
25 July 1998 0:00 GMT