OMV pulls out of electricity generation in Turkey

VIENNA – Austrian gas and oil group OMV (OMVV.VI) has agreed to sell its gas power plant Samsun in Turkey to Turkish investment company Bilgin Enerji, pulling out of electricity generation in the country.

The sale is subject to regulatory approval in Turkey and expected to close in the fourth quarter, OMV said on Wednesday, adding that the parties had agreed to not disclose the price.

“The divestment of the Samsun power plant is in line with OMV’s strategy 2025 to further optimize its portfolio,” board member Manfred Leitner, who is responsible for the group’s gas and refinery activities, said in a statement.

Published in Reuters, 30th May, 2018