Austrias OMV to Expand Its Hungarian Gas Station Network with EUR 15 Million Investment

12. Oktober 2006, 00:00

Austrian fuel giant OMV plans to spend EUR 15 million (HUF 4 billion) to build about 40 gas stations in Hungary, OMV...

Austrian fuel giant OMV plans to spend EUR 15 million (HUF 4 billion) to build about 40 gas stations in Hungary, OMV refining and sales director Gerhard Roiss said. Beyond the retail network expansion, OMV does not plan other investments in Hungary, Roiss added.

According to Roiss, OMV considered the investment worthwhile because of the cheap cost of transporting its products to Hungary. The company, which currently operates 164 gas stations in Hungary, does not wish to compete with MOL Nyrt, but rather aims to establish its presence on the market for premium products, he added.

With sales of EUR 15.6 billion and a workforce of 5,226 employees in 2005, as well as market capitalisation of approx. EUR 12 billion, OMV Aktiengesellschaft is Austrias largest listed industrial company. The company said on Wednesday an alliance between OMV and Verbund, as proposed in May of this year, will not be pursued.

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