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Omv Information

OMV (originally ÖMV for "Österreichische Mineralölverwaltung", meaning Austrian mineral oil authority) is Austria's largest oil-producing, refining and gas station operating company with important activities in other Central European countries. It is Austria's largest listed industrial company (concerning turnover) and one of the largest integrated oil and gas groups in Central Europe.

Contents

History

OMV was founded in 1956 as a joint stock company. In 1960, the company commissioned the Schwechat Refinery near Vienna. International activities of OMV started in 1985 with exploration and production activities in Libya. In 1990, OMV enlarged its activities into retail sale inaugurating its first filling station followed by the first filling station on abroad (Hungary) in 1991. In 1995, the company changed its name from ÖMV to OMV.[2]

In 2000s OMV had several important acquisitions. In 2002, it bought 25.1% of shares in Rompetrol Group In 2003, it took over the international portfolio of Preussag Energie and 45% of Bayernoil-Raffinerieverbund. One year later, it acquired 51% of the Romanian oil and gas group Petrom SA, which was the largest acquisition in the company's history. In 2005, OMV sold its stake in the Rompetrol Group and together with IPIC of Abu Dhabi acquired petrochemical company Borealis.[2]

In June 2006, OMV established the OMV Future Energy Fund for identifying projects in the field of renewable energy, providing assistance with their implementation and financing.[2] In 2007, OMV tried to take over Hungarian oil company MOL, but was forced to withdraw its merger proposal in 2008.[3] In 2008, OMV and Gazprom to develop the Central European Gas Hub, based on the Baumgarten underground gas storage, into a leading hub platform in continental Europe and to establish a gas exchange there for trading on spot and futures markets for gas products.[4]

Operations

The OMV Headquarters in Vienna World location of the OMV company, for exploration & production activities

In 2006, OMV has consolidated sales of €18.97 billion, a workforce of 40,993 employees, and a market capitalization of approximately €14 billion. It has refining and marketing activities in 13 countries and explorations and production activities in 18 countries on five continents.[2] OMV operates refineries in Germany, Austria and Romania and it runs over 2500 gas stations in Central Europe, with brands OMV, Avanti, Stroh and PETROM.

Subsidiaries

OMV near Sokolov in Czech republic

OMV holds stakes in several oil and petrochemical companies. Most important shareholdings are:

OMV Aktiengesellschaft

According to OMV:[6]

Refining and marketing

According to OMV:[6]

Exploration and production

According to OMV:[6]

Gas and power

According to OMV:[6]

Shareholders

OMV is a publicly traded company. The main shareholders are ÖIAG (Austrian state holding - 31.5%) and IPIC (20%) with 48.3% of shares freely floating in the market (without treasury shares).

Controversies

Petrom

The acquisition of 51% stake in Petrom S.A. was considered controversial as the privatization contract was not been made public and it consists of several disputed clauses.[7] The privatization allegedly produced a market monopoly. Critics say that OMV can use the resources Petrom owns until their exhaustion. Also fixing of tax for gas and oil exploration at 3 to 13.5 percent from the final delivery price for 10 years was criticized. Some critics claimed, that the price €1.5 billion was too low.[7]

MOL

In June 2007, OMV made an unsolicited bid to take over MOL, which was rejected by the Hungarian company. MOL criticized OMV's advertisement in which OMV had suggested the two had already worked together on the European market. MOL thought that to be misleading and unethical and asked OMV to remove the name MOL from those advertisements. OMV dismissed its bid after negative results of the investigation by the European competition authorities.[3][8]

References

  1. ^ a b c d e f "Annual Report 2010". OMV. http://www.omv.com/SecurityServlet/secure?cid=1255733340356&lang=en&swa_id=611076724723.7091&swa_site=wps.vp.com. Retrieved 29 April 2011.
  2. ^ a b c d "OMV - Company Profile". OilVoice. http://www.oilvoice.com/Printer/OMV/9302c548.aspx. Retrieved 2008-12-07.
  3. ^ a b "European Commission closes door on OMV-MOL merger plan". Realdeal.hu. 2008-08-07. http://www.realdeal.hu/20080807/european-commission-closes-door-on-omvmol-merger-plan. Retrieved 2008-12-07.
  4. ^ Vladimir Socor (2008-11-07). "Austria’s OMV to Share Strategic Terminal with Gazprom". Eurasia Daily Monitor. http://www.gab-ibn.com/IMG/pdf/Re8-_Austria_s_OMV_to_Share_Strategic_Terminal_with_Gazprom.pdf. Retrieved 2008-12-07.
  5. ^ Nabucco Gas Pipeline International GmbH (2008-02-06). "RWE joins Nabucco consortium as sixth partner" (PDF). Press release. http://www.nabucco-pipeline.com/cms/upload/press_release/Press%20Release%20Nabucoo%20e%20-%20RWE%20joins%20Nabucco%20consortium%20as%20sixth%20partner.pdf. Retrieved 2008-12-07.
  6. ^ a b c d OMV Groups - Facts & figures. OMV. September 9, 2009.
  7. ^ a b Cristina Muntean (2006-12-18). "Petrom deal examined". CBW. http://www.cbw.cz/en/petrom-deal-examined/3829.html. Retrieved 2008-12-07.
  8. ^ "OMV gets EU objections statement over MOL takeover bid". Forbes. 2008-06-24. http://www.forbes.com/afxnewslimited/feeds/afx/2008/06/24/afx5146214.html. Retrieved 2008-12-06.

See also

External links

Companies portal
· · ATX companies of Austria

Andritz · CA Immobilien Anlagen · Conwert Immobilien Invest · EVN Group · Erste Group Bank · Immofinanz · Intercell · Österreichische Post · OMV · Raiffeisen International · RHI · Schoeller-Bleckmann · Semperit · Strabag · Telekom Austria · Verbund · voestalpine · Wiener Städtische · Wienerberger · Zumtobel

Categories: Oil and gas companies of Austria | Oil and gas companies of New Zealand

 

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