Rohol-Aufsuchungs (RAG) is an Austrian oil and gas firm that is currently 25% owned by Shell companies – Shell Petroleum NV has 99% of this share and Shell Petroleum Company holds 1% – through the wholly owned affiliate EP Holding. The other RAG shareholders are EVN (50.05%), E.ON Ruhrgas EP (29.95%), Salzburg (10%) and Steirische Gas-Warme (10%).
RAG has been exploring and producing oil and gas since 1935 in lower and upper Austria and produced 85,000 tons of oil and 571 million cubic meters of gas in 2006. The company is to be purchased by a consortium consisting of the RAG-Beteiligungs-Aktiengesellschaft partners via a jointly owned subsidiary, in which EVN will have a 49.95% interest.
With EESU Holding GmbH we have found a reliable and strong acquirer with huge knowledge of the central European gas markets. Shell of course retains a significant presence in Austria, with over 300 petrol service stations, lubricants production facilities, and marketing of oil products, commented Friedrich Schalk, chairman of Shell in Austria.
The deal is subject to merger control clearance and is expected to be completed in late 2007 or early 2008.
