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OMV’s Profit Drops on Back of Libya Conflict 11.12.2011

OMV saw a drop in its income in Q3 thanks to the conflict in Libya. The company said it saw profits drop 20% for the period due to production interruptions in Libya.

"The first nine months of this year have been dominated by the consequences of the political turmoil in North Africa and the Middle East, which have led to major production shortages from Libya and Yemen," said OMV's CEO Gerhard Roiss.

According to the company the halt in production in Libya cost it an estimated $500,000 per day in lost profit.

OMV has resumed production in Libya but did say "All future activities are dependent on a stable security situation in the country. It is therefore premature to give guidance on when production will be back to significant levels." The company reported that its production rates in Libya have reached 30% of pre-conflict totals.


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