OMV TO FOCUS ON RESTRUCTURING, INTEGRATED OIL OPERATIONS
John L. Kennedy Editor Austria's state oil company, OMV AG, had a difficult year in 1993. Operating losses are estimated at about $80 million, and the company will take a $300 million extraordinary charge for restructuring, bringing total loss for the year to about $380 million. But Chairman and Chief Executive Officer Dr. Richard Schenz told Oil & Gas Journal in Vienna he is optimistic 1994 will be a breakeven year. "Restructuring will solve a lot of problems," Schenz said.