OMV has set off to transform into a sustainable fuels, chemicals, and materials company with a strong focus on circular economy solutions. This probably means the most fundamental strategic shift in our company’s history. A main reason behind is that we aim to become a net-zero emissions company by no later than 2050. To achieve this goal, we will reduce oil and gas production by around 20% by 2030 and cease production for energy use completely by 2050. At the same time, we will leverage our assets and expertise to expand to geothermal, CCS and solar/wind activities. In Refining & Marketing we will become a leading European provider of sustainable fuels, chemicals, and mobility solutions. Chemicals & Materials will drive our transformation. We will substantially expand and diversify our business, with the aim of becoming a European leader in sustainable polyolefins and establishing a top global position in circular economy solutions.
Becoming a leading sustainable fuels, chemicals and materials company