OMV Announces Refinery Divestment Program

Oil and gas company OMV (Vienna) has announced plans to divest refining and marketing assets worth up to €1 billion by 2014 under a strategy to refocus the company on upstream exploration and production. The company says it intends to keep refineries that are integrated with petrochemical production but it declined to comment on specific assets. It also has no plans to divest its 36% stake in petrochemicals and plastics manufacturer Borealis. OMV intends to evaluate possible divestments over the next six months. OMV plans to increase the yield of...

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