OREANDA-NEWS. The OMV lubricants business has been sold to a subsidiary of Russian Lukoil-Group

The buyer will take over lubricants business in nine European countries, the blending plant in Austria and the “BIXXOL” brand name

This transaction marks another step in realizing the strategy and optimizing the role of Refining and Marketing in the overall portfolio

OMV Refining & Marketing GmbH has signed an agreement to sell its lubricants business to a subsidiary of Lukoil Group. OMV's lubricants division consists of a sales and distribution organization in Central and Eastern Europe as well as a modern blending plant in Austria. 74 employees across nine countries work in the lubricants business and their jobs will be retained. This transaction will not have an impact on the lubricants business of OMV's Turkish subsidiary Petrol Ofisi, whose business continues as 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.