OMV sets out chemicals and plastics shift

According to reports, Energy group OMV has announced that it aims to become carbon neutral by 2050 at the latest, as it shifts away from producing oil and gas and towards making specialty chemicals, plastics and sustainable fuels.

OMV is following other oil and gas companies in Europe, including Shell and BP, in setting a net zero carbon target by 2050, including emissions from the use and combustion of its products by its customers.

The Austrian company wants to become a leading maker of plastics for the energy, car, packaging and construction sectors and it will eventually depend on renewable feedstocks rather than oil.

OMV is targeting an increase in the production of sustainable fuels and chemical raw materials to 1.5 million metric tonnes per year by 2030.

The group said it does not see profit suffering in the medium term and expects a clean current cost of supplies (CCS) operating result of at least 6 billion euros ($6.6 billion) by 2030. That compares with 5.96 billion euros in 2021.