OMV and partners sign agreement for takeover of EconGas by OM
Published by Louise Mulhall,
Editorial Assistant
Oilfield Technology,
The owners of EconGas GmbH, OMV (64.25%), EVN (16.51%), Wien Energie (16.51%) and Energie Burgenland (2.73%), have signed an agreement for the takeover of all EconGas shares by OMV. The transaction is subject to approval by the antitrust authorities. The parties have agreed not to disclose the purchase price.
OMV Executive Board member Manfred Leitner, responsible for Downstream: “As announced, we have signed the EconGas takeover agreement before the end of the year and thereby taken another step, as planned, in restructuring OMV’s gas business. This has allowed us to lay the foundations for achieving a significant increase in the efficiency of the natural gas trading business.”EconGas is the joint gas trading subsidiary of OMV, EVN, Wien Energie and Energie Burgenland.
EconGas specialises in direct natural gas sales to European business clients, European distributors and in trading natural gas on international hubs. In 2014, EconGas traded 28.4 billion m3 of natural gas in Europe and Austria.
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/23122015/omv-and-partners-sign-agreement-for-takeover-of-econgas-by-omv/
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