OMV may sell stake in Russia’s Yuzhno-Russkoye oilfield

MOSCOW, Apr 29 (PRIME) -- Austrian energy company OMV is reconsidering its participation in Russia’s Yuzhno-Russkoye oil and gas condensate field, and may sell the 24.99% stake or withdraw from the project, CEO Alfred Stern said in a conference call on Friday.

“We are reconsidering our 24.99% stake in the Yuzhno-Russkoye field, and we are looking into all possible options, including a possible sale or withdrawal. Still, a decision can only be made after legal and regulatory conditions for that are created,” he said.

Russia is not the main region of operation for OMV anymore, he said.

OMV said in March that it would refrain from any further investment in Russia due to the situation in Ukraine.

Severneftegazprom is the operator of the Yuzhno-Russkoye field. Besides OMV, the shareholders of the operator are Russian gas giant Gazprom with a 40% stake and Wintershall Holding GmbH, a subsidiary of Germany’s BASF AG, with 35%.

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