Advertisement

Austria's OMV changes tack after oil price slump

The Local/AFP
The Local/AFP - [email protected]
Austria's OMV changes tack after oil price slump
OMV head office in Vienna. Photo: Daniel Zanetti/Wikimedia

Austrian oil and gas group OMV said on Thursday it aimed to focus more on Iran, Russia and the United Arab Emirates after the oil price slump pushed it to a hefty annual loss.

Advertisement

The shift to these more profitable regions will be accompanied by slashing investment and spending, with new chief executive Rainer Seele saying cuts to the 24,100-strong workforce "cannot be ruled out".

The 2015 oil price collapse pushed OMV to an operating loss of €2.0 billion ($2.2 billion) and a net loss of €1.3 billion. It cut its dividend 20 percent. OMV shares were down 0.14 percent by late morning on Thursday.

More

Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.

Please log in to leave a comment.

See Also