Austria's OMV Q2 profit falls 25% on Libya's war
(On 28/3 Qatar cut an oil deal with the Transitional National Council resaulting in that it became the first Arab State to recognize the TNC (by the next day). This action came before by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) on 29/4 issued the permition (while US hadn't yet recognized the NTC) authorizing transactions related to certain oil, gas, or petroleum by US persons involving Qatar Petroleum and the Vitol group of companies exported from Libya under the auspices of the TNC. On 10/6 the fist shipment of oil arived to the US, namely 1.2 million barrels of Libyan crude oil. Next it was UAE's turn to pull the string.)
Πηγή: MENAFN
Aug 11 2011
OMV's chief executive, Gerhard Roiss, said that due to the political upheaval in Libya, the Austrian oil firm's profit dropped 25 percent in the second quarter to USD337,6 million ftom USD449 million in the same period in 2010, reported the National.
Roiss added that the company, which 20 percent of is owned by the Abu Dhabi government, started negotiations with the Libyan Transitional National Council in order to restart production in the country which contributed with 10 percent of the company's outpout in 2010.
He also said that the shutdown in Libya's operations forced the company to purchase replacement crude for its low-margin refining operations.
It is worth noting that the company's production was also affected by the unrest in Yemen, since an attqack on a pipeline in March stopped operations, however, the pipeline was fixed in July and oil pumping was resumed.
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