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Benzinol wants out of ÖMV joint venture

Benzinol Inc., a gasoline distribution network located in Bratislava, wants to cancel its joint venture established five years ago with the Austrian refinery ÖMV, called ÖMV - Benzinol, by the end of the year. ÖMV, which owns 50 percent of ÖMV-Benzinol, has for several years wanted to be involved in the privatization of the Slovak refinery Slovnaft. After last year's sale of 39 percent in Slovnaft to the employee j.s.c. Slovintegra, and the acquisition of 51 percent in Benzinol by Slovnaft, however, the joint venture is no longer viable. ÖMV-Benzinol currently owns 6 petrol stations, which gives it a 1.4 percent share of the domestic fuel market. ÖMV itself owns another 19 petrol stations, controlling 4.4 percent of the Slovak market.

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