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Austria's OMV has intensified efforts to dominate the downstream market in central and eastern Europe by acquiring a 25.1pc stake in Romania's Rompetrol. The move is part of a strategy to gain access to refining capacity, in pursuit of a 20pc share of the retail fuel market along the Danube corridor by 2008.
The stake will give OMV access to Rompetrol's 100,000 b/d Petromidia refinery on the Black Sea, and a say in ownership changes. OMV has not ruled out increasing its stake in the future, if the initial investment proves successful.
The firm already owns 10pc of Hungarian oil and gas firm Mol and has 114 retail outlets in Hungary, 51 in Bulgaria and 44 in …