Austria's OMV launches negotiations for SapuraOMV sale

Austrian energy company OMV announced on December 4 that its board has decided to begin negotiations with interested bidders for the potential sale of its 50% stake in SapuraOMV, a joint venture with Malaysia's Sapura Energy focused on oil and gas exploration and production.

OMV anticipates receiving a "substantial sum in the high hundreds of millions of US dollars" based on initial offers received for the stake. The company expects a final decision on the sale to be contingent upon agreement with a chosen bidder, internal approvals within OMV, and necessary government clearances.

Furthermore, OMV has opted to continue the ongoing sale process for its wholly owned subsidiary, OMV New Zealand (OMV NZL), as a separate entity. This decision follows limited interest in a combined sale of both SapuraOMV and OMV NZL.