Austrian firm, OMV has boosted its sales during 2006 to € 19 billion, an increase of 22% for the year.
Austrian firm, OMV has boosted its sales during 2006 to € 19 billion, an increase of 22% for the year. The company also enjoyed a net income rise of 11% over the same period compared with 2005.
The company plans to expand its gas division in addition to its exploration and production and refinery and marketing businesses. OMV claims this will be achieved by expanding its subsidiaries EconGas in Austria, Italy and Germany and Petrom in Romania. The company is also involved with the Nabucco pipeline project, a 3300 km proposed natural gas pipeline that will go through Bulgaria, Romania and Hungary at a
total cost of US $5.8 billion.
"The goal is to build a pipeline from Turkey to Austria, connecting the reserves of the Caspian region with Europe, where gas demand is strongly increasing," said Huemer. "The project will begin in 2008, with first gas planned for 2012. OMV is also engaged in planning a new LNG terminal in Croatia, for which a feasibility study is currently under way. Operation will start in 2012 and capacity should amount to 10 billion m
The company said building infrastructure to bring more gas to Europe and diversifying the routes would ultimately increase the security of the gas supply in the long term.