OMV, the international integrated oil and gas company based in Vienna, said it agreed to sell its upstream business in Pakistan to Dragon Prime Hong Kong for €157 million as it looks to optimise its portfolio.
OMV, the international integrated oil and gas company based in Vienna, said it agreed to sell its upstream business in Pakistan to Dragon Prime Hong Kong for €157 million as it looks to optimise its portfolio.
“The divestment represents a further step in optimising OMV’s upstream portfolio,” OMV said in a statement.
In case of a dividend payment to OMV or capital increase by OMV, the purchase price will be adjusted, OMV said, adding that it expects to close the sale by the end of 2018 subject to conditions and regulatory approvals.
OMV Pakistan holds interests in five development and production leases, and operates the producing Sawan, Miano, Latif, Gambat and Mehar blocks. It also holds interests in five exploration blocks, of which four are operated.
OMV holds a 10 per cent stake in PARCO, a joint venture between Pakistan and Abu Dhabi in the downstream business. This stake is not part of the divestment, OMV said.
Source: Pipeline ME
