Crisis drives OMV to cut costs and delay investments

Furthermore, the group will speed up the sale of its less profitable gas stations, reduce by one third investments in exploration and production, and will save up to €300 million from operating expenses, according to company officials.

However, Romania will be less affected by these decisions, compared to other countries. “There will be fewer cuts in Romania than in other countries. Romania needs investments, and has the highest potential and significant reserves,” a member of OMV Board of Directors, Helmut Langanger, in charge of exploration and production, said.