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OMV Divests Upstream Business in Pakistan

Source: www.gulfoilandgas.com 2/28/2018, Location: Asia

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OMV, the international integrated oil and gas company based in Vienna, has agreed to sell its Upstream Business in Pakistan to Dragon Prime Hong Kong Limited, Hong Kong. The agreed sale price is EUR 157 mn, whereas in case of a dividend payment to OMV or capital increase by OMV the purchase price will be adjusted. The transaction is subject to conditions, including the relevant regulatory approvals. Closing is expected by end of 2018.

OMV Pakistan holds interests in five development and production leases, and operates the producing Sawan, Miano, Latif, Gambat, and Mehar blocks. It further holds interests in five exploration blocks, of which four are operated.

The divestment represents a further step in optimizing OMVís Upstream portfolio. OMV also holds a 10% stake in PARCO, a joint venture between Pakistan and Abu Dhabi in the Downstream business. This stake is not part of the divestment.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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