OMV and Sapura Agree JV in Malaysia
February 01 2019 - 5:10AM
Dow Jones News
By Cristina Roca
OMV AG (OMV.VI) and Sapura Energy Bhd (5218.KU) have agreed to
form a joint venture based in Malaysia, OMV said Friday.
The Austrian energy company said it has paid, through its
subsidiary company OMV Exploration & Production GmbH, $540
million to acquire 50% of SapuraOMV Upstream Sdn. Bhd., the
joint-venture company it created with Sapura.
SapuraOMV will have the same number of representatives from each
company on its board of directors, OMV said.
OMV said SapuraOMV has an expected life-of-field production of
about 260 million barrels of oil equivalent. The newly-created
company will be fully consolidated in OMV's financial statements,
OMV said.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
February 01, 2019 04:55 ET (09:55 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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