OMV bets on chemicals
The Austrian company is accelerating its pivot from the upstream to the down
Central European oil and gas firm OMV completed at the start of November the $4.7bn acquisition of an additional 39pc share in Austrian chemical company Borealis, increasing its stake to 75pc. The deal makes OMV the largest producer of olefins in Europe and one of the largest polyolefin producers worldwide. The firm’s CEO, Rainer Seele, hails the move as “a decisive step in our transformation to position OMV successfully for the future”, both for its diversification and also as a lower-carbon strategy for a producer that is largely eschewing a significant move into renewables. “On the one hand, we are convinced that chemicals and polymers will be without any doubt… needed in 2050 and beyond,
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
