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Austrian oil and gas group OMV exits the service station business in Germany and sells its local service station network. There are 285 service stations in southern Germany, mainly in Bavaria and Baden-Württemberg. The buyer is the British company EG Group, which already operates around 1,000 Esso service stations in Germany.
The EG Group pays almost 500 million euros for this and takes on OMV lease obligations worth a good 100 million euros. The service stations were valued at just over 600 million euros.
OMV focuses on petrochemicals in Burghausen
In Bavaria, OMV will in future be confined primarily to the Burghausen refinery, which is optimized for petrochemicals, and the plastics subsidiary Borealis, which also has a location in Burghausen. Among other things, more than 500,000 tons of propylene are produced there each year.
The petrochemical industry uses crude oil to produce the basic substances of chemicals. The gasoline produced in a refinery is not converted into fuel for automobiles or aircraft, but, for example, plastics, plasticizers, detergent raw materials or solvents. For years, we’ve seen higher profit margins and more future potential here than in fuel production.
Like other giants in the oil and gas sector, OMV is trying to become more independent from crude oil with this sale of German gas stations. Exxon, Shell and Chevron are also parting ways with parts of their traditional business.
EG Group already operates 1,000 Esso service stations
The EG Group is not new to the German gas station market. In 2018, the two British owners, brothers Mohsin and Zuber Issa, bought 1,000 Esso gas stations from ExxonMobile. The EG Group actually specializes in retail and sees the corresponding potential especially in service station stores: “This attractive portfolio of service stations with significant retail and catering activities is an exciting opportunity to expand the footprint of EG in Germany, “they both said. Billionaires.
However, the competition authorities have yet to control the sale. It is not yet clear whether it will be examined at the EU level or in Germany.
