Kurier: OMV’s CEO Seele talks sale of OMV Petrom with Abu Dhabi shareholder

The CEO of the Austrian company OMV, Rainer Seele, reportedly discussed with the representatives of the investment fund Mubadala from Abu Dhabi - OMV's second-biggest shareholder - about the sale of OMV Petrom, Economedia.ro announced quoting the Austrian newspaper Kurier.

OMV representatives refused to comment on the information.

Austrian journalists cite sources from the oil industry, also speaking about a possible deal involving OMV Petrom, but no more details are available.

OMV holds a 51% stake in OMV Petrom, while the Romanian state holds just over 20%.

Rainer Seele reportedly discussed with the Abu Dhabi-controlled fund other possible major transactions, according to Kurier: OMV's purchase of a 25% stake in petrochemical plant Borealis now owned by Mubadala or OMV's purchase of Mubadala's stake in the Spanish oil group Cepsa.

In addition to these possible transactions, Seele discussed with the Abu Dhabi fund the possible five-year extension of his general manager contract, according to Kurier.

Austrian group OMV took over Romania's former state oil company Petrom in 2004. The transaction for a 51% stake in Petrom amounted to EUR 1.5 bln, of which the Romanian state got EUR 669 mln, and the rest went into the company through a share capital increase.

OMV has long recovered its investment from the dividends paid by OMV Petrom. OMV Petrom currently has a market capitalization of EUR 5 bln.

(Photo: Mihai Olaru | Dreamstime.com)