OMV
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| OMV Aktiengesellschaft | |
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| Type | Public |
| Founded | 1956 |
| Headquarters | Vienna, Austria |
| Key people | Wolfgang Ruttenstorfer, CEO |
| Industry | Oil |
| Products | petroleum, oil refinery, gas stations |
| Revenue |  EUR 18.97 billion(2006) |
| Employees | 5,180 employees (Petrom: 35,813 employees) (2006) |
| Website | www.omv.com |
OMV (originally ÖMV for "Österreichische Mineralölverwaltung", meaning Austrian mineral oil authority) is Austria's largest oil-producing, refining and gas station operating company with important activities in other Central European countries.
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[edit] Overview
Founded in 1956, OMV has consolidated sales of EUR 18,97 billion (FY 2006), a workforce of 40,993 employees, and a market capitalization of approximately EUR 14 billion. OMV Aktiengesellschaft is Austria’s largest listed industrial company (concerning turnover) and one of the big integrated oil and gas groups in Central Europe.
OMV operates refineries in Germany, Austria and Romania and it runs over 2500 gas stations in Central Europe, with brands OMV, AVANTI, Stroh und PETROM.
Concerning oil and gas exploration, there are activities in 18 countries on five continents. OMV holds stakes in petrochemical firms, e.g. 50% in AMI Agrolinz International GmbH and 35% in Borealis A/S, one of the world’s leading producers of polyolefin. In addition, OMV holds a 51% stake in the Romanian oil and gas group Petrom SA, a 45% stake in BAYERNOIL Raffineriegesellschaft mbH, a 20% stake in the Hungarian oil company MOL, a 50% stake in EconGas and 34.96% in Petrol Ofisi.
[edit] Vision and business plan
OMV aims to be the best integrated mid-size oil and gas company producing a quantity of oil and gas of 50% of its refinery capacity. In the gas business, OMV will produce more than one third of its gas volume sold. In addition, the company will keep its secured access to petrochemical outlets and its significant minority interest in the international chemical business (Polyolefins, Melamine) with operations in Europe and Middle East, based on proprietary technology.
[edit] The OMV Group
- Consolidated sales: EUR 18.97 billion
- EBIT: EUR 2.06 billion (2006)
- Market capitalization: EUR 12.84 billion
- 5,180 employees (Petrom: 35,813 employees)
- Stockholder structure: ÖIAG (Austrian state holding) 31.5%, IPIC (Abu Dhabi state enterprise) 17.6%, free float 50.9%
- 51% stake in Petrom SA
- 35% stake in Borealis A/S
- 50% stake in AMI Agrolinz Melamine International GmbH
- 20% stake in the Hungarian MOL group
- 45% stake in Bayernoil Raffineriegesellschaft mbH
- 50% stake in EconGas GmbH
- 34% stake in Turkish Petrol Ofisi
- Austria’s largest listed industrial company
- Leading oil and gas group in Central Europe
- Explorations and production activities in 18 countries on five continents
[edit] OMV focuses on Renewable Energies
- Separate company “OMV Future Energy Fund” for renewable energies
- Total investments more than EUR 500 million
- Renewable energies become part of the OMV business
- Advisory council with international scientists to act as think tank
In the coming years, OMV Aktiengesellschaft, Central Europe’s leading oil and gas group, will increasingly concentrate on renewable energy sources. For this purpose, OMV has established a separate company, the so-called “OMV Future Energy Fund”. Acting as a separate company, the OMV Future Energy Fund will identify projects in the field of renewable energy within the OMV group, provide assistance with their implementation and financially support them with an amount of more than EUR 100 million. Ultimately, these activities will generate investments exceeding a total amount of EUR 500 million. With this new approach, OMV responds to the growing global challenges of an increasing energy demand, the finiteness of fossil fuel stocks and climate change.
[edit] Controversies
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The 51% stake in Romanian PETROM SA acquisition is thought to break many Romanian laws. The sale contract has not been made public which is highly unusual since PETROM owns almost all oil reserves and 50% of the natural gas resources of Romania. Since they bought a resource belonging to a nation some demand the contract should be public info. Also, the contract specifies that OMV can use the resources PETROM owns until exhausted. Romanian Constitution does not permit this. Romanian government should also take a part of the exploited resources but the contract prohibits this.
This issue is highly disputed by Romanian press and the government. Romanian press claims there is a case of high level corruption hidden behind this contract. As of November 15th of 2006, OMV felt the sale might be voided and said they might consider renegotiation. Many of Romanian politicians don't even consider this possibility and they're trying to void the sale. Another major break of Romanian Law is that OMV has been given absolute control over the gas prices. On November 11th of 2006 OMV raised the gas price for Romanian consumers. The government can't do anything to control the price. This caused a major disapproval from the side of Romanians since winter had just begun.
The sale contract has a clause that requires OMV to invest in PETROM which OMV hasn't respected until now. Breaking this clause also voids the contract. Another clause was specified in the contract to mask the sale by a transfer/assignment agreement for 30 years because it's illegal to sell a country's natural resources. OMV has an option for extension of the contract.
OMV convinced some of the politicians involved in the PETROM affair to agree through pressure from the European Union. There are some newspapers claiming EU lobbied at the Romanian Government officials for this thing to be possible. OMV is also breaking some capital market laws in Romania, they don't make public the companies contracted to build their gas stations. As of September 22nd 2006 the Petrom acquisition contract is verified by Romanian Supreme Court of Justice due to press findings about the hidden terms of acquisition.
Following a hostile takeover bid by OMV, on 20 September 2007 Hungarian oil company MOL criticised OMV's advertisement in which the Austrian oil company suggests the two work together on the European market. MOL thinks that is misleading, unethical and asked OMV to remove the name MOL from those advertisements[1].
[edit] References
- ^ MOL thinks OMV advertisement is unethical in Hungarian
[edit] External links
- OMV
- ÖIAG
- MOL
- AMI
- Petrom
- Local Newspaper article in Romanian
- publicintegrity.org art
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