OIL&GAS: OMV Sells Marketing Subsidiary to Croatian Crodux

OMV has signed an agreement to sell its subsidiary in Croatia, OMV Hrvatska d.o.o. – a 100%-owned subsidiary of OMV Refining & Marketing GmbH – to the Croatian company Crodux. OMV has been in the retail and commercial business in Croatia since 1992. OMV Hrvatska d.o.o. employs 63 staff members at its head office in Zagreb. With 62 filling stations in the country, OMV currently has a market share of around 13%.   OMV is divesting from refining and marketing, concentrating on exploration and production.  Ten years ago Crodux, owned by former General Ivan Cermak, sold the petrol station and distribution network to OMV.  He also developed the Tifon network and sold it to the Hungarian MOL.  He gained his reputation of supplying quality petroleum derivatives, which previously included supplying NATO forces in Bosnia-Herzegovina.

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