Deutsche Bank has been appointed as the investment bank to handle the structuring and implementation of the divestment program in the R&M business segment. Among other tasks, this includes the assessment of the divestment potential and the initiation of discussions with prospective buyers.

In line with the OMV strategy, the possible sale of the 45% stake in the Bayernoil refinery network will also be evaluated. This would involve a reduction in the annual refining capacity by 4.6 to 17.7 mn tonnes.

The OMV strategy aims to sharpen and simplify the company portfolio.

This includes gradually shifting the portfolio away from R&M towards Exploration and Production and Gas and Power. In this context, OMV’s Turkish subsidiary, OMV Petrol Ofisi, already sold its 52% stake in the Cypriot retail company Kibris Türk Petrolleri Limited Sirketi at the end of November 2011. Furthermore, a release issued on December 6,2011 announced the intention to sell the subsidiary companies in Croatia and Bosnia-Herzegovina.

Deutsche Bank has been appointed as the investment bank to handle the structuring and implementation of the divestment program in the R&M business segment and will start discussions with prospective buyers in the coming months.

OMV will continue focusing the refining business on refineries with integrated petrochemicals or upstream operations. Bayernoil Raffineriegesellschaft mbH does OMV Aktiengesellschaft not have an integrated petrochemicals operation, and therefore the option to divest the 45% stake will be evaluated.

OMV operates four refineries: The ones in Schwechat (Austria) and Burghausen (south Germany) have an integrated petrochemicals production. Including the Petrobrazi refinery (Romania), which is fully geared to process Romanian crude oil and the 45% stake in the Bayernoil refinery network (south Germany), the total
refining capacity of OMV is around 22.3 mn tonnes a year or around 450,000 barrels per day.

Bayernoil Raffineriegesellschaft mbH operates the largest refinery network in the Bavarian region with production sites in Vohburg and Neustadt an der Donau. The two production sites are connected by more than 11 pipelines and therefore work together as one refinery. Around 750 people are employed at the refinery network which produces liquid gases, fuel such as petrol, jet (aviation turbine fuel) and diesel, as well as heating oil and bitumen, from around 10 mn tonnes of crude oil per year.

OMV has a 45% stake in the Bayernoil Raffineriegesellschaft mbH with a total nominal capacity of 215,000 barrels per day. The OMV share equates to around 97,000 barrels per day or 4.6 mn tonnes a year. A divestment would involve a reduction in the refining capacity to around 17.7 mn tonnes per year or around
353,000 barrels per day.