The Economist Bilingual: Is Vienna’s Energy Giant Transforming into a Chemicals and Plastics Company?

Mr. Stern must have seemed prescient to his underlings in February 2022, when Russia—OMV’s main supplier of natural gas—invaded Ukraine. A month later, he publicly unveiled his new strategy. From now on, the company would focus on producing and selling sustainable fuels, chemicals, and materials—with an emphasis on “sustainability.” It would gradually wind down its production of oil and gas. OMV’s CEO aims for the oil-and-gas division to account for 30% of the group’s operating profit by the end of this decade, compared with an average of 44% between 2019 and 2021. The chemicals division’s share would rise to 50%, up from 29%. Such a transformation would be ambitious at the best of times. With global markets for energy, chemicals, and materials all buffeted by geopolitical and economic forces, it seems almost brazen—especially when other oil-and-gas companies are revising their green plans and doubling down on crude.

Why Are Fuel Oil Prices Rising?

1. Decline in U.S. crude oil inventories 2. Strong optimism and confidence regarding future crude oil demand 3. Falling fuel oil inventories 4. Seasonal peak demand driving up fuel oil prices Factors affecting fuel oil prices include: inventories, crude oil cost, substitutes (diesel + jet fuel), and pandemic-related impacts

OMV Posts Highest Quarterly Operating Profit Since 2022 as Fuel Prices Soar

3 days ago

Austria's OMV reported its highest quarterly operating profit since 2022, driven by soaring oil prices and refining margins following geopolitical tensions. The company raised its full-year price expectations and increased capital spending for the Neptun Deep gas project in Romania.

reuters

2026-09-18

OMV to Continue Austrian Hydrogen Project Alone After Masdar Exit

2026-10-28

OMV Posts Highest Quarterly Operating Profit Since 2022 as Fuel Prices Soar

OMV Posts Highest Quarterly Operating Profit Since 2022 as Fuel Prices Soar

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