Vienna: Austrian oil and gas group OMV is looking at ways to raise money after its €1 billion (Dh5 billion) takeover of Turkish company Petrol Ofisi pushed its debt-to-equity ratio above a target level.
"We continue to examine a range of options to strengthen the balance sheet following this substantial investment," OMV, the biggest energy group operating in emerging Europe, said yesterday in its quarterly trading statement.
OMV had said in December it would decide on its long-term refinancing in the first half of 2011.
Its shares were down 2.1 per cent by 8.50am GMT.
Uncertainty about refinancing was pressuring the stock, a trader said.
"The trading statement was okay, the margin was good. But some are a bit disappointed that there were not any (detailed) comments about the refinancing."
OMV said last year it had not ruled out any options after the purchase, including issuing shares or a bond.
Ratings agencies Fitch and Moody's said last year OMV's Petrol Ofisi acquisition could affect its credit ratio and subsequently its rating, depending on how it was funded.
Wider margin
More recently, OMV bulked up its North African operations with the January 6 announcement it was to pay $866 million (Dh3.2 billion) buying the Tunisian units of US group Pioneer Natural Resources, OMV said on Friday its refining margin widened in the fourth quarter to $3.48 from $1.84 in the prior quarter and $0.79 a year ago thanks to higher prices for naphtha and products like kerosene and diesel.
Quarterly production rose to 320,000 barrels of oil equivalent per day (boed) as production in Romania increased and fields in Britain and Pakistan came onstream. Its refining output increased to 5.20 million tonnes.
