Petroleum giant OMV to sell Italian subsidiary - Emirates24|7

Petroleum giant OMV to sell Italian subsidiary

(REUTERS)

Austria's oil and gas giant OMV said it plans to withdraw from Italy by the year-end by selling its Italian subsidiary OMV Italia.

The company said the unit is up for sale and that discussions with potential buyers will take place over the coming months.

The subsidiary operates 96 gas stations in the northern Italian region of Triveneto.

OMV justified its decision by saying the Italian market was highly saturated and offered very little opportunity for further development.

OMV assumes the acquirer will continue to operate the company on the same scale as to date.

OMV said in a statement Monday that "the company is increasingly focusing on markets that offer high growth potential and the best prospects of achieving high market shares such as the Danube region, South-Eastern Europe and the Black Sea region".

OMV's first Italian gas station opened in Nalles, South Tyrol, in 1991.

Instead, OMV will be focusing on its filling station business in the growth markets of the Danube region, South-Eastern Europe and Black Sea region.

Against the backdrop of rising competition in the European filling station market, OMV is continually working to enhance its filling station network.

The company is increasingly focusing on markets that offer high growth potential and the best prospects of achieving high market shares such as the Danube region, South-Eastern Europe and the Black Sea region.

Conversely, however, the Italian market is very highly saturated and offers little opportunity for further development.

 

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