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Austria's OMV CEO sees earnings falling in 2009

Austrian oil and gas group OMV expects earnings to fall in 2009 compared with this year, its chief executive said on Wednesday.

“Earnings will fall,” CEO Wolfgang Ruttensdorfer told journalists in a briefing, referring to 2009.

He added that OMV's 2008 dividend will not rise compared to the previous year, when the company paid out €1.25 per share. “This is a question of access to capital.”

Ruttensdorfer said OMV did not expect to make any big acquisitions in the next one to two years because of the current environment.

“We are only doing what our cash flow permits us to do,” he said. “Big (acquisitions) should not be expected,” he said, because the future market situation is unclear. (Reuters)