OMV Sells Stake in UAE Gas Project to Lukoil for $594 Million
OMV AG sold its stake in a $20 billion natural gas concession off Abu Dhabi to Russia's Lukoil PJSC, exiting a project once seen as helping it break free from the Kremlin's energy orbit.
OMV divested its 5% interest in the Ghasha development for $594 million, less a $100 million transaction fee, the Vienna-based company said Friday. The transaction doubles Lukoil's holding to 10%.
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