OREANDA-NEWS. February 01, 2013. OMV has signed an agreement to sell its subsidiary in Croatia, OMV Hrvatska d.o.o. - a 100%-owned subsidiary of OMV Refining & Marketing GmbH - to the Croatian company Crodux. OMV has been in the retail and commercial business in Croatia since 1992. OMV Hrvatska d.o.o. employs 63 staff members at its head office in Zagreb. With 62 filling stations in the country, OMV currently has a market share of around 13%.

“Shortly after the sale of our marketing subsidiary in Bosnia-Herzegovina this transaction underlines our ability to execute our strategy”, says Manfred Leitner, OMV Executive Board member responsible for Refining and Marketing.

Previously, OMV Petrol Ofisi, OMV’s Turkish subsidiary, already sold its 52% stake in the Cypriot retail company Kibris Tьrk Petrolleri Limited Sirketi at the end of November 2011. Furthermore, OMV Petrom sold its subsidiary Petrom LPG SA in January 2013.
 At the end of November 2012, an agreement concerning the sale of the subsidiary in Bosnia-Herzegovina, OMV BH d.o.o., was signed.

The OMV strategy aims at a sharpened and simplified company portfolio. This includes gradually shifting the portfolio away from Refining and Marketing towards Exploration and Production. OMV will continue focusing the retail and commercial business on markets with integrated supplies. The OMV filling stations in Croatia have not been within the delivery area of OMV refinery Schwechat, therefore a sale of these assets was pursued. Following the completion of this transaction, OMV will have no further Refining and Marketing activities in the country.

The deal is expected to be closed in the first half of 2013 following approval of competition authorities. The companies have agreed not to disclose the purchase price.