OMV has announced the completion sale of its wholly owned subsidiary OMV Petrol Ofisi to VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd., following the fulfillment of the agreed conditions, including the relevant regulatory approvals.
The sale and purchase agreement was signed on March 3, 2017 as covered by PetorlWorld Global News Service. The overall transaction value amounts to €1.368 bn. This includes the sale of the Haramidere terminal by Petrol Ofisi to OMV Group in the amount of €28 mn. The net cash impact on OMV will be slightly below €1 bn in Q2 2017. This results from the deconsolidation of Petrol Ofisi’s net cash position of about €400 mn, which includes net proceeds from the divestiture of non-core assets (e.g. Aliaga terminal) of approximately EUR 120 mn already booked in 2016, as well as €81 mn from the carve-out of OMV’s Turkish gas entities, prior to the transaction.
This closing marks a further milestone in OMV’s successful delivery on its corporate strategy. PW130617