OMV to divest its E&P assets in the Asia-Pacific region

OMV will explore the possibilities of selling its E&P assets in the Asia-Pacific region and to initiate the potential divestment of its stake in Malaysia’s SapuraOMV Upstream Sdn. Bhd. and New Zealand Limited, the company announced on Tuesday.

The Executive Board of OMV has decided to explore the sales process for the potential divestment of its 50% stake in the issued share capital of SapuraOMV Upstream Sdn. Bhd. and 100% of the shares in OMV New Zealand Limited, the company said. The potential divestment aims at optimising the company’s E&P portfolio in line with the OMV Strategy 2030, it said.

As part of the sales process, OMV, in coordination with competent regulators and governmental authorities, will invite potentially interested parties, in a first step, to submit expressions of interest and, in a second step, to submit binding offers. The sales process is expected to take place over the next months. A potential sale is still subject to the approval of the Supervisory Board of OMV and competent governmental authorities, the company said in a statement.

With group sales revenues of 62 billion euros and a workforce of around 22,300 employees in 2022, OMV is amongst Austria’s largest listed industrial companies.

In Chemicals & Materials, OMV through its subsidiary Borealis, is one of the world’s leading providers of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilisers, and plastics recycling.

The potential divestment is in line with OMV’s stated goal to transition from an integrated oil, gas, and chemicals company to become a leading provider of innovative and sustainable fuels, chemicals, and materials, while taking a leading global role in the circular economy. By switching over to a low-carbon business, OMV is striving to achieve net zero in all three Scopes by 2050.