OREANDA-NEWS. January 18, 2013. OMV Aktiengesellschaft and Erdollagergesellschaft m.b.H. (ELG) have agreed the sale of Lagermanagementgesellschaft m.b.H. (LMG, a 100% subsidiary of OMV Aktiengesellschaft) to ELG. The parties have agreed not to disclose the purchase price.

OMV – as importer of oil and oil products – is obliged according to Austrian legal require-ments to ensure availability of 25% of its annual imports as compulsory emergency stock in case of a crisis. LMG holds and manages a major part of these strategic reserves which cur-rently represents about 1 mn tonnes of crude oil units *. With this transaction, ELG will as-sume this part of OMV’s emergency stocks. ELG, appointed as the national central stock-holding entity, is serving the industry to fulfill the requirements of the Austrian oil stockholding act (Erdolbevorratungsgesetz), which is in line with the stockholding regime of the European Union and the International Energy Agency. OMV will realize a one-time positive EBIT effect of approx. EUR 440 mn upon closing of the transaction, which is expected in Q1/13 and is subject to approval of the Austrian Competition Authority.

This transaction will make OMV’s Refining and Marketing (R&M) business more comparable to its peers, who, for the most part, either do not have a similar stockholding obligation or have already outsourced the stockholding. This step is in line with OMV’s strategy to restructure the R&M portfolio in order to improve balance sheet efficiency.

* A crude oil unit is defined under the Austrian Stockholding Act and is approx. one kg of available crude oil or an equivalent amount of refined products.

OMV Aktiengesellschaft

With Group sales of EUR 34.05 bn and a workforce of 29,800 employees in 2011, OMV Aktiengesell-schaft is one of Austria’s largest listed industrial companies. In Exploration and Production, OMV is active in two core countries Romania and Austria and holds a balanced international portfolio. OMV had proven oil and gas reserves of approximately 1.13 bn boe as of year-end 2011 and a production of around 288,000 boe/d in 2011. In Gas and Power, OMV sold approximately 272 TWh of gas in 2011. In Austria, OMV operates a 2,000 km long gas pipeline network with a marketed capacity of around 101 bcm in 2011. With a trading volume of around 47 bcm/a, OMV’s gas trading platform, the Central Eu-ropean Gas Hub, is amongst the most important hubs in Continental Europe. In Refining and Market-ing, OMV has an annual refining capacity of 22.3 mn t and as of the end of 2011 approximately 4,500 filling stations in 13 countries including Turkey. OMV further strengthened its position through the ownership of a 97% stake in Petrol Ofisi, Turkey’s leading company in the retail and commercial busi-ness.