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OMV AG sells stake in Abu Dhabi gas project to Lukoil PJSC

Published 30/05/2025, 12:00
© Reuters.
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Investing.com -- OMV AG (ETR:OMVV), the Vienna-based energy company, has sold its 5% stake in the Ghasha natural gas development off Abu Dhabi to Russia’s Lukoil PJSC, according to an announcement on Friday.

The deal is worth $594 million, minus a $100 million transaction fee.

The Ghasha natural gas concession was once considered a project that could help OMV AG become less dependent on Russia’s energy resources.

With this transaction, Lukoil PJSC’s share in the project has now doubled to 10%.

The Ghasha concession is a $20 billion natural gas development project. The sale of OMV AG’s stake in it represents a significant shift in the company’s investment strategy.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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