Austrian energy company OMV sold its filling station business in Germany to EG Group for €485 million (approx. $510 million), OMV announced on Tuesday.
The agreement, as part of OMV’s divestment program, covers the sale of 285 filling stations in southern Germany.
OMV will continue to focus its remaining activities in Germany on highly integrated petrochemicals and developing this value chain in Burghausen.
'The divestment of OMV's filling station business in Germany will deliver debt relief of approximately half a billion euros for OMV,' the company said.
The company intends to transition from an integrated oil, gas, and chemicals company to become a leading provider of innovative and sustainable fuels, chemicals, and materials.
By switching over to a low-carbon business, OMV is in line with its plans to achieve net zero by 2050 at the latest.
By Zeynep Beyza Kilic