Sale of OMV Upstream Business in Pakistan to Dragon Prime Hong Kong Limited for a consideration of EUR 157 mn
Further step in optimizing OMV's Upstream portfolio
OMV, the international integrated oil and gas company based in Vienna, has agreed to sell its Upstream Business in Pakistan to Dragon Prime Hong Kong Limited, Hong Kong. The agreed sale price is EUR 157 mn, whereas in case of a dividend payment to OMV or capital increase by OMV the purchase price will be adjusted. The transaction is subject to conditions, including the relevant regulatory approvals. Closing is expected by end of 2018.
OMV Pakistan holds interests in five development and production leases, and operates the producing Sawan, Miano, Latif, Gambat, and Mehar blocks. It further holds interests in five exploration blocks, of which four are operated.
The divestment represents a further step in optimizing OMV's Upstream portfolio.
OMV also holds a 10% stake in PARCO, a joint venture between Pakistan and Abu Dhabi in the Downstream business. This stake is not part of the divestment.
Visit source siteOMVDivestmentPakistanDragon Prime Hong Kongupstream