With oil prices hovering below $50 per barrel and expectations that they could go even lower, OMV has announced its intention to sell 49 percent of its wholly-owned subsidiary Gas Connect Austria (GCA), which company officers say will strengthen OMV's cash flow and balance sheet.

GCA operates an approximately 900-km-long natural gas high-pressure pipeline grid in Austria. As a central hub in the European natural gas network, GCA makes a substantial contribution to the natural gas supply in Austria and other countries including Germany, France, Slovenia, Croatia, and Hungary.

"As a first result of the ongoing review of our Downstream Gas asset portfolio, we decided to divest a minority stake in our regulated gas transportation business in Austria. In times of a difficult oil price environment, we are taking the appropriate measures to both optimize the portfolio and strengthen the Group’s cash flow and balance sheet", said Manfred Leitner, Executive Board member responsible for Downstream. "So far, potential investors have expressed a strong interest, as the regulated business is a stable profit contributor."