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
12 May 2025
With the gas industry’s staunchest advocates and opponents taking brutal blows, the sector looks like treading a path of insipid indifference
7 May 2025
From China blocking US LNG to Trump demanding that various countries import more of the fuel, the politicisation of LNG is on the rise
6 May 2025
Sino-US trade tensions could see crude consumption crumble despite recent buying behaviour
