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OMV: Refinery Operations Unaffected By EU Ban On Libyan Oil

OMV: Refinery Operations Unaffected By EU Ban On Libyan Oil
dj
Πεμ, 24 Μαρτίου 2011 - 18:26
Austrian oil and gas company OMV AG (OMV.VI) said Thursday it will adhere to European Union sanctions on business with Libyan state entities, and said its German and Austrian refinery operations will be unaffected as it is able to fully compensate through extra crude purchases from other countries.
Austrian oil and gas company OMV AG (OMV.VI) said Thursday it will adhere to European Union sanctions on business with Libyan state entities, and said its German and Austrian refinery operations will be unaffected as it is able to fully compensate through extra crude purchases from other countries.

The statement comes on the day the European Commission published a list of Libyan state-owned or state-controlled entities included in the ban, a list that includes OMV's long-term Libyan partner, state oil company National Oil Co., or NOC.

OMV said it is buying extra oil from Kazakhstan, Saudi Arabia and the Black Sea region to compensate for its normal 33,000 barrels of oil equivalent a day Libyan production, about 10% of OMV's daily average, which has been halted by the uprising and resultant bloody conflict against the North African country's regime.

"The absence of crude oil from Libya can be fully compensated by crude from other regions," OMV said in a written statement. "Crude oil is already increasingly being purchased from Saudi Arabia , Kazakhstan and the Black Sea area. In addition to long-term supply contracts, we also make spot purchases on the open market."

OMV kept purchasing small amounts of oil from NOC even after its own Libyan production was brought to a standstill, but this will no longer happen, it said.

OMV also said the new ban will have no immediate impact, since there "are no deliveries of oil pending and none currently planned," and said the extra oil will be enough to keep its refineries fully supplied.

"Reliable operations at OMV's refineries therefore remain ensured," it said.
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