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September 29, 2020
BUSINESS

OMV Petrom sells Petrom Distributie Gaze SRL subsidiary

OMV Petrom, the largest petroleum and gas producer in the South-East of Europe, sold the package of 99.99 per cent of the shares of Petrom Distributie Gaze (PDG) SRL to Ligatne SRL, informs an OMV release, Agerpres reports. The decision is in line with OMV Petrom’s strategy of optimising the downstream operations in order to improve efficiency and the gas distribution company did not range within the specific activity of Petrom. The sides agreed to maintain the confidentiality of the transaction; the completion of the transaction is conditioned by the previous approval of the Competition Council. The transaction does not have a material impact on the financial situation of OMV Petrom, being under the 10 per cent threshold of the total value of the OMV Petrom assets, namely of the value of the gross turnover the company registered in 2012, the release points out. ‘According to our strategy, we shall continue to focus on the gas supply to industrial and commercial customers. The sale of the gas distribution activity of OMV Petrom to final consumers is in agreement with this strategy. At the same time, taking into account the presence of Gaz Sud and of GDR on the market of Romania, I am positive that the transaction signed with Ligatne represents a development opportunity to Petrom Distributie Gaze,’ OMV Board member, in charge with the gas and energy activity, Cristian Secosan said.

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