Russia's Lukoil buys OMV’s lubricants business

Austria’s OMV Refining &Marketing GmbH has signed an agreement to sell its lubricants business to a subsidiary of Russia’s Lukoil Group.
Lukoil will get the lubricants business in nine European countries, a blending plant in Austria and the “BIXXOL” brand name, OMV said.
The transaction will not affect the lubricants unit of OMV’s Turkish subsidiary, Petrol Ofisi, which continues to be a part of the OMV Group.
“This transaction is the next step in the implementation of our strategy to optimize and simplify the Refining and Marketing portfolio, said Manfred Leitner, OMV Executive Board member responsible for Refining and Marketing.
OMV and its subsidiaries Petrol Ofisi and Petrom have already concluded several sales as part of the divestment program.
Recently concluded transactions include the sale of the subsidiary in Croatia, OMV Hrvatska d.o.o., at the end of May 2013 and the sale of the subsidiary in Bosnia-Herzegovina, OMV BH d.o.o., in March 2013.
OMV’s strategy aims to gradually shift the weight of the share in capital employed from Refining and Marketing to Exploration and Production.
The sale is expected to close at the end of 2013, following approval by the competition authorities.
The value of the transaction was not disclosed.