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The meaning of «omv»

OMV (formerly abbreviation for Österreichische Mineralölverwaltung (English: Austrian Mineral Oil Administration)) is an Austrian multinational integrated oil, gas and petrochemical company which is headquartered in Vienna, Austria. The company is listed on the Vienna Stock Exchange. In the 2020 Forbes Global 2000, OMV Group was ranked as the 441st -largest public company in the world.[2]

It is active in the oil and gas businesses as well as in petrochemicals.[3]

The history of OMV began on July 3, 1956, when the company then known as “Österreichische Mineralölverwaltungs Aktiengesellschaft” was officially entered into the commercial register.[4] Consequently, the Soviet Mineral Oil Administration (Sowjetische Mineralölverwaltung, SMV), a corporation formed during the Soviet zone of occupation in post-war Austria became “Österreichische Mineralölverwaltungs Aktiengesellschaft”.

Four years later, in 1960, the company opened the Schwechat refinery near Vienna,[5] in 1968 the first natural gas supply contract with the former USSR were entered.[6] At the end of 1987, 15% of OMV was privatized, making it the first public listing of a state-owned company in Austria.[5] In 1998, OMV acquired a 25% stake in the plastics group, Borealis.

In 1990 the company opened its first filling station in Vienna on 26 June.[7]

The International Petroleum Investment Company (IPIC) of Abu Dhabi acquired an initial 19.6% interest in the group at the end of 1994. The following year, the group changed its name from "ÖMV" to "OMV" because the umlaut on the "Ö" is not commonly used in many languages.

In the early 2000s, OMV expanded into Eastern Europe, by acquiring around 10% of Hungarian oil company, MOL and in 2003 it acquired the upstream division of Germany's Preussag Energie, expanding its filling station networks.

In 2004, OMV became the market leader in Central and Eastern Europe following the acquisition of 51% of Romanian oil and gas group Petrom which then constituted the largest acquisition in OMV's history.

In the same year, OMV increased its share capital, meaning that more than 50% of the company's shares were in free float for the first time.

Following the sale of 50% of the subsidiary company Agrolinz Melamine International GmbH to IPIC in 2005, the Borealis group was taken over in full together with IPIC.

In 2006, OMV acquired a 34% stake in a Turkish oil company Petrol Ofisi. In the same year, the board members of OMV and Verbund, the Austrian utility group announced plans for a merger. However, this collapsed due to resistance from Austrian MPs.

OMV increased its stake in Hungarian oil group MOL to 20.2% in 2007. OMV then sold its entire stake in March 2009 after MOL rejected a takeover bid in 2008 and the European Commission imposed tough restrictions for an approval of the deal. in late 2011, OMV acquired the stake held by Dogan Holding in Petrol Ofisi, which further increased its stake in the company to 95.75%.

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