Austrian oil group OMV embarks on restructuring
The company will divest almost 50% of its gas distribution network as part of the portfolio shake up
Austrian oil group OMV plans to rationalise its portfolio by divesting up to 49% of its gas distribution network Gas Connect Austria, while fully taking over its gas marketing subsidiary EconGas. Its latest plans under its “Fit for Fifty” strategy, which assume a Brent oil price of $55 per barrel in 2016, continue to include close business links with Russian gas giant Gazprom. The company said on 19 October it expects to announce a roughly €1bn ($1.1 bn) impairment charge on upstream assets in its third quarter results. "We are taking the appropriate measures to both optimize the portfolio and strengthen the group's cash flow and balance sheet", said OMV downstream and gas chief Manfred Leit
Also in this section
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
22 April 2026
Sustained strikes on ports, terminals and refineries are testing the resilience of Russia’s oil export system, yet rapid repairs, rerouting and surging prices mean the campaign has yet to deliver a decisive blow
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
