euro adhoc: OMV Aktiengesellschaft / OMV: EconGas to commence operational activities (E)

Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.

■ Optimal gas supply for corporate clients in Austria and neighboring countries
■ Operations to commence at the beginning of 2003

Following the full liberalization of the Austrian gas market and the approval of the cartel authority on October 23, EconGas GmbH will commence its business operations with corporate clients as an important Austrian gas supplier at the beginning of 2003. With a growth strategy clearly focused on Central Europe, the company’s primary target markets are Austria and its neighboring countries.

Its core businesses are the direct sale of natural gas to clients with a minimum annual consumption of 500,000 cubic meters, and natural gas trading at international centers and stock exchanges. These include Zeebrugge (Belgium) and Oude-Bunde-Emden on the German-Dutch border, and will eventually incorporate Baumgarten in North-Eastern Austria too.

The company has set itself an annual sales target of 5.5 billion cubic meters of natural gas. EconGas is headquartered in the ARES Tower in Vienna and operates a branch office in Linz, employing approximately 50 people. It is owned by Begas (2.6%), EVN (15.7 %), Linz Gas/Wärme (0.45%), OMV Erdgas (50%), OÖ Ferngas (15.55%) and Wiengas (15.7%).

EconGas partners play an active role
Werner Auli, managing director in EconGas with responsibility for finance, communication and trading, explained at the official presentation of the new company: "Our ownership structure optimizes the potential for synergies. With a 50% stake, OMV contributes the expertise of a leading oil and gas group in Central and Eastern Europe. Combined with the proximity to customers of the regional gas distribution companies, this arrangement creates optimal conditions to offer customer oriented "Energy Solutions" - ranging from products and services to the installation of state-of-the-art Cogeneration facilities in Austria and abroad. Further growth will be achieved by acquiring new clients in our neighboring countries."

Further inquiry note:
OMV
Presse:
Bernhard Hudik
Tel.: 0043 1 40440 21660
E-Mail: bernhard.hudik@omv.com
Thomas Huemer
Tel.: 0043 1 40440 21660
E-Mail: thomas.huemer@omv.com
Investoren/Analysten:
Brigitte H. Juen
Tel.: 0043 1 40440 21622
E-Mail: investor.relations@omv.com
Internet home page: http://www.omv.com

Cubitt Consulting
Presse:
Peter Ogden, London
Tel.: +44 (20) 7367-5130
E-Mail: peter.ogden@cubitt.com
Mark Kollar, New York
Tel.: +1 (212) 896-1201
E-mail: mark.kollar@cubitt.com

EconGas GmbH
Daniela Simon Tel. +43 664 3125973
e-mail: daniela.simon@econgas.com
Internet Homepage: http://www.econgas.com
Tel: +43(0) 40440 21622
FAX: +43(0) 40440 29496
Email: investor.relations@omv.com

end of announcement euro adhoc

Emittent: OMV Aktiengesellschaft
Otto-Wagner-Platz 5
AT-1090 Wien
Tel: +43(0) 40440 21622
FAX: +43(0) 40440 29496
Email: investor.relations@omv.com
WWW: www.omv.com
ISIN: AT0000743059
WKN: 074305
Indizes: ATX, ATX Prime
Börsen: official dealing Bayerische Börse, Frankfurter Wertpapierbörse, London Stock Exchange, Wiener Börse AG
Branche: Oil & Gas - Downstream activities
Sprache: Englisch

OTS-ORIGINALTEXT UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS | OTB0002