OMV, the international, integrated oil, gas and chemicals company headquartered in Vienna has presented its Strategy 2030 with a strong focus on circular economy solutions.
Based on this new strategy representing the most fundamental strategic shift in the company’s history, OMV aims to become a net-zero emissions company by no later than 2050. The business segment Chemicals & Materials will be the growth engine of the company. It is to be substantially strengthened, expanded and diversified, with the aim to establish a globally leading position in circular economy solutions.
The Refining & Marketing business is to become a leading European provider of sustainable fuels, feedstock and mobility solutions. In line with the ambition to become a net-zero company, OMV will reduce its oil and gas production by around 20 per cent by 2030 and will completely cease oil and gas production for energy use by 2050. At the same time Exploration & Production business segment will invest in geothermal energy and carbon capture and storage (CCS) leveraging existing assets and capabilities and contribute to a more sustainable society.
“If we want to maintain and expand living standards around the world while ensuring the survival of our society, we must move to a more sustainable way of doing business,” said Alfred Stern, OMV CEO and Chairman of the Executive Board. “For this reason, OMV will re-invent essentials for sustainable living.”
“Chemicals & Materials will not only be our growth engine but balance sustainability, risk and returns and strengthen our resilience against market dynamics,” he added.
Changing the value chain from a linear to a circular model will be one of the priorities for a sustainable chemicals business going forward. Thanks to its unique integration between chemical recycling, refineries and petrochemical plants, OMV is engaging in all steps along the value chain. Patented chemical recycling technologies as well as standard and advanced mechanical recycling technologies are expected to support OMV in becoming a global leader in circular economy solutions.