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OMV Q3 downstream profit increased by 83%

November 23/2015

MOSCOW (MRC) -- Austrias integrated international oil and gas company OMV showed signs of difficulties, announcing a 35% decrease in sales in the third quarter of the year with respect to the same period in 2014, said Naturalgaseurope.

On the other hand, it also reported a 31% increase in clean CCS net income.

"Given the ongoing challenging oil price environment, we have decided to reduce our future oil price assumptions resulting in asset impairments in the Upstream business" Rainer Seele, CEO of OMV, commented in a note. 

Production of oil, NGL and gas registered a 6% decrease in the quarter, due to the shut-downs in Libya and Yemen, and lower gas production in Romania and Pakistan. Production increases in Norway (up by 18%) and New Zealand (up by 16%) partly offset this decline.

The companys strategy seems to hinge on the Downstream and on stronger ties with Gazprom.

"We have achieved several strategic milestones. We have signed a term sheet with Gazprom for OMVs participation in the project Achimov IV/V based on an exchange of assets as well as the shareholder agreement for the Nord Stream 2 pipeline project. Additionally, we decided to sell a stake of up to 49% of Gas Connect Austria and reached a provisional agreement on the full takeover of EconGas by OMV, both of which mark important steps towards the optimization of the Downstream Gas portfolio" Seele explained.

As it was informed earlier, Russia's Gazprom said  it had signed a memorandum of understanding with Austrian energy group OMV on the supply of oil. The document reflects the intention of the parties to consider the possibility of organizing the supply to OMV of oil from the Gazprom Group's portfolio.

OMV is an integrated international oil and gas company, headquartered in Vienna. Its main businesses are exploration and production of oil and gas, natural gas distribution and power generation, and refining and marketing oil products. OMV is the largest listed manufacturing company in Austria.
Author:Anna Larionova
Tags:oil, gas processing, petrochemistry, Gazprom, OMV Dicisione Mecanica, Austria.
Category:General News
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