OMV AG

Energy
WBAG:OMV
Austria

"Austria's OMV and Iran's Dana Energy have signed a memorandum of understanding to evaluate possible oil and gas development and redevelopment projects in Iran, the companies said Wednesday, in a development that could open an indirect route for UAE interests to participate in Iran's upstream petroleum sector... the OMV/Dana agreement is unusual in bringing to Iran an international oil company in which an Arabian state entity holds a substantial equity stake, and in teaming up the international partner with an Iranian private-sector petroleum company instead of one owned by Iran's government... OMV is the former state petroleum company of Austria in which Vienna still holds a 31.5% stake. Its second-biggest shareholder, with 24.9%, is Abu Dhabi government-owned International Petroleum Investment Co., which last Saturday became a wholly-owned subsidiary of Mubadala Investment, the newly created Abu Dhabi industrial group with international petroleum assets that include over 800,000 b/d of oil production." ( Platts, "OMV Inks Deal to Access Oil Developments in Iran with Private Iranian Company," 1/25/2017).

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Austria’s OMV is reportedly negotiating with the National Iranian Oil Company (NIOC) over the development of Iran’s Cheshmeh Khosh oil field. Fars news agency reported that a delegation from OMV had met Amir-Hossein Zamaniniya, Iran’s deputy petroleum minister for international affairs, as well as Salbali Karimi, the managing director of the Iranian Central Oil Fields Company (ICOFCO.), to discuss the project. Fars added that talks had already involved the technical points. The field is located in Iran’s western province of Ilam. It is expected to have a production of 18,000 barrels per day of oil and 115 million cubic feet of natural gas once fully developed. (Press TV, "OMV eyeing Iran's Cheshmeh Khosh project," 12/11/2016).

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Austria's OMV said on Friday it received 1 million barrels of crude oil from Iran in a spot delivery at the Italian port of Trieste which the energy group will send to its two refineries in Austria and Romania. The delivery was Iran's first to OMV since 2012, when sanctions were imposed on the country. OMV is in talks with Iran about future deliveries, although no such contract has been signed yet, a spokesman said. (Reuters, "Iran sends 1 mln barrels of oil to Austria's OMV in spot delivery," 9/16/2016)

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The Chairman and CEO of OMV, Rainer Seele, presented at the Iranian Petroleum and Energy Club (IPEC) Congress, held in Tehran October 19-21, 2015. (IPEC Congress 2015 Program)

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"Austrian energy group OMV wants its expansion in Iran to focus on the oilfields it has already discovered and it is prepared to invest only a limited amount there, Chief Executive Rainer Seele said on Monday. Seele, who is preparing a new strategy aimed at adapting to low oil prices and expanding production cost-efficiently, said he had no interest in a much more expensive gas project in Iran, apparently referring to the massive South Pars gas field. 'At the end of the day for us it is not simply about producing oil or gas -- we want to make profits,' he said at a joint event with Gerhard Schroeder, the former German chancellor who is now an executive for the pipeline consortium Nord Stream... While OMV was keen to move as soon as sanctions are lifted, which he expected to happen in the first or second quarter, Seele said the economic conditions had to be right, and the company would focus on the fields it knows best. 'We discovered two oilfields there,' Seele said." (Reuters, "OMV says wants to focus Iran push on its existing oil finds," 11/9/15)

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"Iran's Oil Minister Bijan Zanganeh said he had met on Wednesday with Austrian oil and gas group OMV and other foreign oil companies as Tehran prepares to offer oilfields, projects and its final investment contract in November. Zanganeh, in Vienna for an OPEC meeting. He declined to name the other firms involved in the talks, held on the executive floor of an international hotel cleared of reporters. 'The companies are coming and visiting. At least they are showing that they are keen on exploring these possibilities, to get prepared for what they want to do,' a source close to the matter said." (Reuters, Iran oil minister meets OMV, other companies in Vienna, 6/11/14)

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"As it tries to lure back oil companies, Iran also signaled it could offer production-sharing agreements in the Caspian Sea. Such deals are considered attractive to companies but haven't been awarded in Iran since the 1970s. Bijan Zanganeh, who was in Vienna for the meeting of the Organization of the Petroleum Exporting Countries, said he had met with executives from Anglo-Dutch oil giant Shell, the world's largest oil trader Vitol, Austria's and Italy's Eni SpA…'With OMV, we discussed about many things and [with] Shell only about the general willingness for cooperation in future and placing the money that we have in account of Shell,' Mr. Zanganeh told reporters." (Wall Street Journal, "European Energy Companies Meet With Iranian Oil Minister," 12/5/13)

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"This year, 166 Chinese companies are present at the fair compared to 100 companies last year,' a senior oil ministry official said. 'The number of foreign companies are up 35 percent,' to 496 out of the total 1,550, he said. He said that despite UN sanctions and bilateral punitive measures by the United States and the European Union against Iran, 'Germany is present with 64 companies, Italy with 36, Britain with 37, Spain with 14, France with 15 and South Korea with 33 companies.' Major Western energy groups such as Total of France, Norwegian Statoil and OMV of Austria, who have withdrawn from Iran, made a 'symbolic' appearance at the fair." (AFP, "Chinese Firms Dominate Iran Oil Exhibition," 4/15/11)

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"Oil and gas group OMV has not renewed a fuel supply contract with Iran's state airline because of international sanctions against the Islamic Republic, an Austrian newspaper reported. The move means Iran Air planes can no longer fill up at Vienna airport, the Wiener Zeitung reported in its weekend edition. The contract expired on March 23, it said." (Reuters, "Austria's OMV Ends Iran Air Fuel Contract," 3/27/10)

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"The U.S. Congress is moving toward passing a bill that would strengthen sanctions against Iran over that nation’s nuclear activities by putting greater pressure on Iran’s oil and gas sectors, both of which have underpinned Iranian President Mahmoud Ahmadinejad’s administration. Other companies named in the list, which was announced Thursday, include Austria’s OMV AG..."(Asia News Net, "Japan firms may face U.S. sanctions over Iran," April 25, 2010) 

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"The enormous New York State Common Retirement Fund plans to divest $86.2 million in investments from nine companies doing business in Sudan and Iran...The decision comes after two years of reviewing these companies, the potential risk of the investments and, in some cases, humanitarian efforts in these countries.'We don't expect our investments to benefit regimes that support genocide and terrorism,' said DiNapoli. The fund plans to divest out of $86 million in Gazprom (OGZPY), Inpex (1605.TO), Lukoil (LUKOY), Oil And Natural Gas Corp (500312.BY), OMV (OMVKY), Petroleo Brasilia (PBR), Statoil (STO), Wartsila OYJ and Sinopec Corp. DiNapoli said the firms were chosen because 'they failed to respond or we were not satisfied with their responses' when asked to provide information to the fund on the investments and their risks. (Dow Jones Newswires, "NY Comptroller To Divest $86.2M In State Pension Fund Investments," 6/30/09)

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"When Austria-based energy company OMV AG saw a chance to develop a lucrative Iranian gas field in April, it jumped at the $18 billion deal despite strong opposition from the U.S." (The Wall Street Journal, "U.S. Sanction Threats Make Little Headway," July 12, 2007)

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