OMV to shed refinery and focus on gas

OMV to shed refinery and focus on gas


On 21 September, Austrian energy group OMV announced that it would reduce its refinery and marketing business and focus on gas in the future. At a corporate event in Istanbul, the company said it plans to sell off assets worth €1 billion by 2014 in that segment. Chief Executive Gerhard Roiss said this sector would be reduced to 25% of the company's activities, from the current 35%, as returns and growth are low in this part of the business. "This means less refining capacity, le...


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