VIENNA: Austrian oil and gas group OMV has announced the sale of its Turkish subsidiary Petrol Ofisi to Swiss oil trading giant Vitol for 1.368 billion euros ($1.45 billion). OMV had put its Turkish subsidiary up for sale a year ago in the context of plunging crude prices that depressed the global oil sector. The transaction, which is subject to regulatory approval, is expected to be finalised by the third quarter of this year at the latest, the Austrian group said. As a result, OMV will record a depreciation of 186 million euros in its results for the fourth quarter of 2016, in addition to the 148 million euro depreciation booked at the end of December for the sale of the subsidiary. — AFP
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