Austria's OMV to divest business in Slovenia

Austria's OMV plans to divest its business in Slovenia as part of a 2 billion euro ($2.4 million) asset disposal programme aimed to reduce its gearing ratio, it said in a statement.

With its limited integration within the downstream oil value chain, the divestment of the business in Slovenia represents a further step in OMV's portfolio optimisation, the Austrian company said in a statement.

OMV currently operates 120 filling stations under the OMV, Eurotruck, Avanti and Diskont brands.

"We are well on our way to deliver on our decisive disposal program, and with this second divestment package OMV is taking another big step towards fulfilling our promise to deleverage quickly," the chairman of the executive board and CEO of OMV, Rainer Seele, noted.

Through the disposal programme, OMV intends to reduce its gearing ratio excluding leases to around 30% by the end of 2021.