OMV agrees to sell Turkish unit Petrol Ofisi to Vitol for $1.45 billion - REUTERS

Logo of Austrian oil and gas group OMV at Vienna gas station
on November 9, 2016 REUTERS,Heinz-Peter Bader

Fri Mar 3, 2017 | 5:44pm ESTReporting by Maria Sheahan and Shadia Nasralla; editing by Grant McCool

Austrian energy group OMV (OMVV.VI) said it agreed to sell its Turkish fuel supply and distribution unit Petrol Ofisi to Vitol Investment Partnership, managed by the Swiss-based commodities firm Vitol VITOLV.UL, for 1.37 billion euros ($1.45 billion).

Saudi Aramco and the State Oil Company of Azerbaijan (SOCAR) had also placed bids for Petrol Ofisi, sources familiar with the matter said. OMV counted the Turkish petrol station chain as one of its non-core assets it is shedding to generate cash.

Egypt To End Capital Controls, Reform Oil Sector Under IMF Deal - RIGZONE / REUTERS

Wednesday, January 18, 2017
Lin Noueihed

Additional reporting by Ahmed Aboulenein, Eric Knecht, and Asma Alsharif; Writing by Lin Noueihed and Ahmed Aboulenein; Editing by Hugh Lawson and Eric Knecht

CAIRO, Jan 18 (Reuters) - Egypt will scrap its remaining caps on transfers and deposits of foreign currency by the end of June and overhaul its oil sector as part of ambitious efforts to reform the economy under an IMF agreement, the details of which were released on Wednesday.

The International Monetary Fund approved the three-year programme with Egypt in November, releasing the first $2.75 billion instalment of a $12 billion loan intended to jumpstart an economy battered by years of turmoil that has driven away investors and tourists, key sources of hard currency.

The Fund said on Wednesday that Egypt was on track to receive the second tranche of the loan, pending a visit to review progress at the end of February.