Home | News    Thursday 2 October 2003

Austria’s OMV to book hefty profit on Sudan sale

separation
increase
decrease
separation
separation

BAD TATZMANNSDORF, Austria, Oct 2 (Reuters) - Austrian oil group OMV expects to book a profit of more than half the $115 million sales price on its stakes in two exploration blocks in Sudan, a senior executive said.

"Analysts are reckoning with a book profit of around $80 million," OMV Financial Director David Davies told Reuters in an interview late on Wednesday, adding he was comfortable with that estimate.

"It should be more than half (of the sales price)," Davies said in reference to the profit, which it expects to book for 2003.

Last month OMV, Austria’s largest industrial group, became the latest Western firm to divest from war-riven Sudan following strong criticism from human rights groups.

It sold its stakes in exploration blocks 5A and 5B in the Muglad Basin some 700 km (440 miles) southwest of the capital Khartoum to India’s Oil and Natural Gas Corp ONGC for around $115 million.

OMV said the proceeds from the sale would be invested in further expansion of its oil and gas production.

Davies, speaking during an investor conference hosted by Erste Bank, said OMV was also looking into the disposal of its exploration and production assets in Ecuador and Venezuela.

"It’s not our aim to establish Latin America as a core region," he said. The assets in the two countries were acquired as part of OMV’s purchase in January of Preussag’s international exploration and production portfolio.

"If we don’t receive any decent offers then we’ll just hold onto the assets and wait. We’re under no pressure," Davies said.

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.

Comment on this article



The following ads are provided by Google. SudanTribune has no authority on it.



Sudan Tribune

Promote your Page too

Latest Comments & Analysis


The myth of the new South Sudan revitalized cabinet 2020-03-25 09:04:53 By Zechariah Makuach Maror Before I start my dissertation, I would first want to describe the term "myth". Myth is a commonly-held but false belief, a common misconception; a fictitious or (...)

Generating Wealth, then Sharing It 2020-03-24 12:44:35 By: Alsir Sidahmed It was a mere chance that producing broiler chicken from cages in Wad Ballal village coincided with the time of the Coronavirus hitting Sudan and the world. Producing 25, 000 (...)

Are SMEs the drive chain moving African Economy? 2020-03-24 06:46:20 By Mekki ELMOGRABI If trade and industry are the two most important sectors in the African economy, the Small and Medium Enterprises (SMEs) sector is a vital domain shared between them. The (...)


MORE






Latest Press Releases


S. Korea supports UN communities building resilience project in Sudan’s Blue Nile 2019-09-09 09:26:41 UNDP Sudan September 5, 2019 (KHARTOUM) - An agreement was signed on 5th of September between the Korean Ambassador, His Excellency. Lee Ki-Seong and Dr. Selva Ramachandran, Resident (...)

Sudanese lawyers and Human rights defenders back calls for civil rule 2019-04-26 10:22:06 Press statement by 55 Sudanese lawyers and Human rights defenders on Sudan Sit-in and Peaceful Protest Khartoum -24/04/2019 We, the undersigned (55) Sudanese lawyers and human rights defenders, (...)

South Sudan’s Lafon youth condemn killings of civilians by Pari community 2019-04-03 21:54:29 Press Statement on the Fighting between Pari/ Pacidi and Lotuko/Lokiri on 24/3/2019 Release by The Lafon County Youth Union: We, the Lafon County Youth Union hereby condemn the atrocities and (...)


MORE

Copyright © 2003-2020 SudanTribune - All rights reserved.