Austrian oil group OMV to sell major Turkish petrol station operator

Austrian energy group OMV announced Friday that it is seeking a buyer for Petrol Ofisi, Turkey's biggest petrol station operator.

The planned sale "is aimed at optimizing OMV’s integrated portfolio in a challenging market environment," said the Vienna-based company that has faced headwinds from low oil prices.

OMV had bought Petrol Ofisi in 2010 for 1 billion euros (1.39 billion dollars), in a strategic deal that was supposed to strengthen OMV's position in the wider Caspian and Middle Eastern region.

Petrol Ofisi is also a leading oil wholesaler and owns Turkey's largest fuel storage and logistics business.

Lower oil prices have forced Austrian energy group OMV to slash the value of its oil assets, resulting in a net loss of 472 million euros (515 million dollars) in the third quarter of last year.

OMV is expected to announce its annual results and a revamped business strategy on Thursday.

Last update: Tue, 12/07/2016 - 13:50

More from Business

AT&T agrees to buy Time Warner, reports say

Telecommunications giant AT&T has agreed to buy media conglomerate Time Warner in a deal worth 80 billion...

Bombardier announces 7,500 job cuts as part of restructuring

Canadian aircraft and train manufacturer Bombardier will cut a further 7,500 jobs as part of its ongoing...

Tobacco giant BAT makes 47-billion-dollar takeover bid for US rival

British American Tobacco Plc said on Friday it has offered some 47 billion dollars to acquire 57.8 per cent of...

ECB to hold rates, decides against extending bond-buying scheme

The European Central Bank left its key interest rates at historic lows on Thursday and left its 80-billion-euro-a-...

Nissan finishes purchase of 34-per-cent stake in Mitsubishi Motors

Nissan Motor has completed its purchase of a 34-per-cent stake in scandal-plagued Mitsubishi Motors for 237 billion...