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Austria's OMV changes tack after oil price slump

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OMV head office in Vienna. Photo: Daniel Zanetti/Wikimedia
11:54 CET+01:00
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.

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.

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