Press release

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."

end of announcement        euro adhoc 19.12.2002

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

Branche: Oil & Gas - Downstream activities
ISIN: AT0000743059
WKN: 074305
Index: ATX, ATX Prime
Börsen: Bayerische Börse / official dealing
Frankfurter Wertpapierbörse / official dealing
London Stock Exchange / official dealing
Wiener Börse AG / official dealing

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