OMV introduces new corporate structure to drive sustainable growth, innovation
Vienna, Austria-based oil and gas company OMV announced its new corporate structure Dec. 1, designed to fully enable the delivery of “Strategy 2030.”
OMV’s new strategy revolves around its long-term goal of becoming a net-zero company by 2050 at the latest and driving its transition towards becoming a leading integrated sustainable fuels, chemicals and materials company.
At the same time, OMV is striving to become a global leader in circular-economy solutions and will also build a low-carbon business in the energy sector, which includes geothermal energy and carbon capture and storage (CCS) in particular.
The new organization will be built on five distinct areas. In addition to the CEO and CFO areas, three business segments will be established: chemicals and materials, fuels and feedstock, and energy.
OMV stated that the transformation will be fueled by a high degree of innovation and new technologies, while maximizing the value of lifecycle management of current technologies.
Aimed at strengthening these capabilities across the group, a dedicated innovation and technology function will be established under the leadership of the CEO.
In addition, group-wide controlling and performance as well as sustainability management in the CFO area will be strengthened to foster effective strategic and sustainable group management.
The chemicals and materials segment will continue to cover the entire chemicals value chain, including responsibility for capturing value from the circular economy. The business segment will act as the growth engine of OMV, aiming to develop into a leader in high-quality polyolefin solutions as well as renewable and circular chemicals and materials.
In the field of chemical recycling, OMV recently took a further big step by signing a memorandum of understanding with a partner to enter into a mutually exclusive collaboration agreement for the global commercial licensing of OMV’s proprietary ReOil® technology.
The fuels and feedstock segment combines the previously distinct executive board areas of refining on the one hand and marketing and trading on the other. This division is now responsible for refining operations, logistics, commercial business, and the entire filling-station network.
The business segment will support the transition by reconfiguring refining in the direction of sustainable fuels and feedstocks for the chemical industry and by building a leading position in electric vehicle charging locations in the Central and Eastern European markets.
The production of sustainable fuels has already started and will be significantly expanded by 2030. Here OMV has already entered into partnerships with four major European airlines for the supply of sustainable aviation fuel.
The energy segment will be the home to the traditional exploration and production business as well as the entire gas business. A new addition here is the low-carbon business. This is where OMV will use its assets and know-how to develop projects in the areas of renewable energy with a focus on geothermal energy and CCS.
OMV recently completed a production and injection test to analyze the geothermal potential in the Vienna Basin with promising initial results.