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OMV to sell Turkish unit Petrol Ofisi to Vitol for $1.45bn

Staff Writer |
OMV said it agreed to sell its Turkish fuel supply and distribution unit Petrol Ofisi to Vitol Investment Partnership, managed by the Swiss-based commodities firm Vitol, for 1.37 billion euros ($1.45 billion).

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OMV counted the Turkish petrol station chain as one of its non-core assets it is shedding to generate cash.

Based on the purchase price, OMV will record an impairment of 186 million euros in its fourth-quarter financial accounts, in addition to the 148 million euros recorded as of end-December when it reclassified the unit as held for sale, OMV said.

The deal, which is subject to regulatory approval, is expected to close in the third quarter at the latest, at which point a negative foreign exchange rate effect of around 1.1 billion euros will hit OMV's net profit.

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