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Issue 9/2022 - OMV transforms into a chemical and materials producer

 Last Update: 2022-11-12
 Source: Internet
 Author: User

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OMV transforms into a chemical and materials producer

Alfred Stern, CEO of the Austrian Oil & Gas Group (OMV), announced that OMV Austria has developed a strategic plan to transform itself into an integrated chemicals, materials and sustainable fuels company
by 2030.

Stern said the chemicals and materials business would be "the company's growth engine," with the goal of achieving net-zero emissions by 2050 and stopping all oil and gas production
for energy use.
By 2030, the company will expand and diversify
its existing chemicals and materials business.

In addition, OMV will invest about EUR 5 billion in low-carbon businesses, including geothermal energy and carbon capture and storage (CCS), to reduce greenhouse gas emissions
.
The company's CCS business aims to achieve an annual production capacity of 5 million tons
by 2030.

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