11/23/2010

OMV sees Turkey as its third business hub

Hurriyet Daily News - Austria-based energy giant OMV, operating in the oil, gas, electricity and renewable energy fields, aims to develop Turkey as its third business hub after Austria and Romania by integrating the country into its core market for refining and marketing (R&M), also establishing Turkey as a link to northern Iraqi and Caspian supplies.

Speaking to members of the press at the OMV Media Summit on Friday, CEO Wolfgang Ruttenstorfer said that OMV aims to turn Petrol Ofisi into an energy company from an oil distribution line by integrating all their businesses in the country under its roof. "We value the company very much and plan to create a complex energy company out of it for actualization of all our future energy investment in Turkey by integrating gas and power investments beneath it,” he said. He also noted that Turkey plays a key role in the company's integrated regional business scheme due to its proximity to Caspian and northern Iraqi oil reserves. According to the company's estimates, by 2015 the energy demand growth rate in Turkey will be 12 percent for oil, 31 percent for gas and 37 percent for power, making Turkey an essential component in the OMV portfolio.
turkey; energy industry; oil industry; omv; petrol ofisi; northern Iraq; Caspian; wolfgang ruttenstorfer