Russia's Lukoil Buys Lubricants Business of Austria's OMV
OMV Refining&Marketing GmbH has signed an agreement to sell its lubricants business to a subsidiary of Russian Lukoil Group.
The deal was announced in a press release by OMV on Friday.
OMV's lubricants division consists of a sale and distribution organization in Central and Eastern Europe as well as a modern blending plant in Austria.
The Austrian energy firm assures that the 74 workers employed in its lubricants businesses in nine countries will retain their jobs.
The transaction will not affect the lubricants unit of OMV's Turkish subsidiary- Petrol Ofisi, which continues to be a part of the OMV Group.
"This transaction is the next step in the implementation of our strategy to optimize and simplify the Refining and Marketing portfolio", said Manfred Leitner, OMV Executive Board member responsible for Refining and Marketing.
OMV and its subsidiaries Petrol Ofisi and Petrom have already concluded several sales as part of the divestment program.
Recently concluded transactions include the sale of the subsidiary in Croatia, OMV Hrvatska d.o.o., at the end of May 2013 and the sale of the subsidiary in Bosnia-Herzegovina, OMV BH d.o.o., in March 2013.
OMV's strategy aims to gradually shift the weight of the share in capital employed from Refining and Marketing to Exploration and Production.
The sale is expected to be closed end of 2013 following approval by the competition authorities; both companies have agreed not to disclose the purchase price.
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