The Austrian oil and gas company OMV sold its filling stations in Germany to EG Group for €485 million ($511.5 million), the firm announced on Tuesday. 

The agreement, as part of OMV's divestment program, covers the sale of 285 filling stations in southern Germany.

OMV said it will continue to focus its remaining activities in Germany on highly integrated petrochemicals and developing the value chain in Burghausen.

"The divestment of OMV's filling station business in Germany will deliver debt relief of approximately half a billion euros for OMV," it also said.

The company intends to transition from an integrated oil, gas, and chemicals company to become a leading provider of innovative and sustainable fuels, chemicals and materials.

By switching to a low-carbon business, OMV is in line with its plans to achieve net zero emissions by 2050 at the latest./aa