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Austrian Energy Industry Headlines

OMV Launches Search for Buyer for Turkish Unit Petrol Ofisi

OMV has also launched the search for the buyer for its Turkish unit Petrol Ofisi, the company said in an ad hoc statement. OMV wants to sell up to 100 percent in the Turkish filling stations chain.

Yesterday

OMV - Sale of Gas Connect Launched - Gazprom Not Interested

OMV has started the sale of a minority stake in its subsidiary Gas Connect Austria and has addressed potential buyers. However the Russian Gazprom hasn’t expressed interest in the purchase, OMV announced.

Yesterday

Austria Objects to Hungary's Paks Upgrade Project

The Austrian government sent a formal notice to the European Commission concerning its objections to the upgrade of the Paks nuclear power plant in Hungary. The Austrian government is objecting because the project is receiving "unapproved state financing" while "supporting the use of unprofitable technologies" that could lead to "distortions on the internal electricity market", the Federal Ministry of Economy said in a statement.

February 11, 2016

Activ Solar Files for Reorganisation in Austria, Debts Reach EUR 500 Million

Vienna-based Activ Solar GmbH announced that it is bankrupt and that it has filed for reorganization in Austria due to its investment exposure in Ukraine. The company has amassed debts to the tune of EUR 500 million.

February 10, 2016

Who Is the Buyer of Lukoil’s Filling Stations in the Baltic States?

Austria-registered AMIC Energy Management, which is buying the filling stations of the Russian oil company Lukoil in Lithuania, Latvia and Poland, is a fund, Lukoil Baltija CEO has said, adding that he is not aware about who the fund’s owners are. Even so, Ivan Paleichik believes that the origin of capital is not that important as the most important thing is the company’s management and the quality of services.

February 8, 2016

Styrian Siemens Arm to Work on Irish Project

The technology group Siemens has secured two deals for onshore wind power plants in Ireland. The transformers for the wind park Sliabh Bawn will be developed and build by the Styrian Siemens factory in Weiz. A total of 20 transformers of 3.4 MVA will be delivered to Ireland in 2016. The beginning of construction is scheduled for the beginning of 2017.

February 5, 2016

Energy Dependency in the EU at 53.4%, in Austria at 65.9%

Energy dependency in the EU was at 53.4 percent in 2014. According to the latest Eurostat data Austria’s energy dependency was at 65.9 percent, which ranks Austria seventh in the EU. Estonia was least energy dependent (8.9 percent), while Malta was most dependent (97.7 percent).

February 5, 2016

Andritz Engineering Unit Wins EUR 65 Mln Deal in Pakistan

Listed engineering group Andritz saw its unit Andritz Hydro win a EUR 65 million (USD 70.9 million) deal in Pakistan, Andritz said.

February 3, 2016

OMV CEO: Austerity Measures Need to Be Topped Up

OMV head Rainer Seele claims the savings measures launched last year by the oil and gas group will have to be extended. The Fit for Fifty austerity package, launched in face of falling oil prices, will have to modified, so that the company can manage even if the price of oil drops below USD 50/barrel, to as little as USD 35/barrel, the CEO told Oberösterreichische Nachrichten daily.

February 2, 2016

Rainer Seele: OMV Sees No Need for Further Impairments

Listed oil and gas giant OMV expects no need for further impairments after writing off billions in Q3 and Q4 2015, provided that the scenario assuming USD 40 Brent price ber barell in 2016 materializes, CEO Rainer Seele said.

January 29, 2016