OMV acquires total ownership of OMV Istrabenz, Slovenia

Austria's OMV AG, a 50% owner in the joint venture OMV Istrabenz Holding PLC., reported it is purchasing the remaining 50%, making the former JV a wholly owned OMV subsidiary and strengthening OMB's position in the Adriatic region. Slovenia is expected to approve the purchase in the third quarter.

July 16, 2004

By OGJ editors

HOUSTON, July 16 -- Austria's OMV AG, a 50% owner in the joint venture OMV Istrabenz Holding PLC., reported it is purchasing the remaining 50%, making the former JV a wholly owned OMV subsidiary and strengthening OMB's position in the Adriatic region. Slovenia is expected to approve the purchase in the third quarter.

OMV Istrabenz supplies a market with an estimated annual oil products consumption of 15 million tonnes.

At the same time, OMV has sold its 25% stake in Istrabenz DD, with which it will continue business cooperation, OMV said, particularly regarding supply of liquefied gas, storage of oil products, and information technology.