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| Name | Symbol | Market | Type |
|---|---|---|---|
| Omv Ag Bearer (PK) | USOTC:OMVKY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.0695 | -0.59% | 11.77 | 11.76 | 12.00 | 12.00 | 11.77 | 12.00 | 4,215 | 21:00:29 |
From May 2019 to May 2024
By Nathan Allen
Austria's OMV AG (OMV.VI) said Wednesday that it has closed a deal with Abu Dhabi National Oil Co. and Eni SpA (ENI.MI) to set up a new trading operation and take a stake in Adnoc's refining business.
Under the terms of the deal, which was first disclosed in January, OMV has paid $2.43 billion for a 15% stake in Adnoc's refining business, while Eni has paid $3.24 billion for a 20% stake.
The three companies will set up a trading joint venture to export Adnoc's refined products, which is set to begin operations in 2020, OMV said.
The deal boosts OMV's refining capacity by 40%, and its capacity to produce olefins--a type of petrochemical--by 10%.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
July 31, 2019 04:20 ET (08:20 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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