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Markets :: Basic Chemicals :: Petrochemicals :: Propylene

OMV Considers Sale of Stake in German Refiner

11:33 AM MST | January 16, 2012 | Ian Young

Oil and gas company OMV (Vienna) says it will consider plans to divest the company's 45% stake in Bayernoil (Ingolstadt, Germany) as part of a previously announced program to sell refining and marketing assets worth up to €1 billion by 2014. OMV has appointed Deutsche Bank to handle the entire divestment program. Selling Bayernoil would reduce OMV's refining capacity by 4.6 million m.t./year, to 17.7 million m.t./year. Bayernoil operates refineries at two sites in the state of Bavaria, Germany, each with propylene capacity. The sites are at Vohburg and...

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