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Fuels & Feedstock

OMV’s Fuels & Feedstock business refines and markets fuels. It operates three inland refineries in Europe and holds a strong market position in the areas where its refineries are located, serving a strong branded retail network and commercial customers. In the Middle East, it owns 15% of ADNOC Refining and ADNOC Global Trading.

At a glance










Clean CCS Operating Result1

in EUR mn




thereof ADNOC Refining & Trading

in EUR mn




Special items

in EUR mn




CCS effects: inventory holding gains/losses (–)1

in EUR mn




Operating Result

in EUR mn




Capital expenditure2

in EUR mn









OMV refining indicator margin Europe based on Brent3,4

in USD/bbl




Utilization rate refineries Europe





Fuels and other sales volumes Europe

in mn t




thereof retail sales volumes

in mn t




Note: As of 2023, the Gas & Power Eastern Europe business was transferred from Fuels & Feedstock to the Energy business segment and is now reported together with Gas Marketing Western Europe under “Gas Marketing & Power.” For comparison only, 2022 figures are presented in the new structure.


Adjusted for special items and CCS effects; further information can be found in Note 5 – Segment Reporting – of the Notes to the Consolidated Financial Statements


Capital expenditure including acquisitions


As of Q2/22, the refining indicator margin reflects the change in the crude oil reference price from Urals to Brent at OMV Petrom.


Actual refining margins realized by OMV may vary from the OMV refining indicator margin due to factors including different crude oil slate, product yield, and operating conditions.

Financial performance

The clean CCS Operating Result decreased to EUR 1,651 mn (2022: EUR 1,810 mn), mainly as a result of lower refining indicator margins in Europe and the Middle East and higher fixed costs caused by turnaround and maintenance activities. This was partly offset by positive supply effects, a significantly higher commercial and retail result, and lower utilities costs.

At USD 11.7/, the OMV refining indicator margin Europe was strong, however, it decreased from the exceptionally high level of the prior year of USD 14.7/bbl following lower cracks for middle distillates. In 2023, the utilization rate of the European refineries increased by 12% to 85% (2022: 73%), as 2022 was impacted by the turnaround and incident at the Schwechat refinery. The turnaround at the Petrobrazi refinery and the petrochemicals turnaround in Schwechat had a negative impact on the utilization rate in 2023. At 16.3 mn , fuels and other sales volumes in Europe increased by 5% following higher commercial sales, partly offset by lower retail sales volumes caused mainly by the missing contribution from the divested Slovenian and German retail businesses. The retail business result increased mainly due to higher fuel unit margins, as the prior year was negatively affected by price regulations, and better performance of the non-fuel business. This was only partly offset by the higher fixed costs and the missing contribution from the divested retail business. The commercial business also showed a marked improvement due to stronger margins from higher achieved term prices and the absence of price caps. Sales volumes increased compared to the year before, which was negatively impacted by the Schwechat incident.

In 2023, the contribution of ADNOC Refining & ADNOC Global Trading, accounted for as OMV’s share of clean CCS of the at-equity consolidated companies, was once again strong but decreased by 10% to EUR 314 mn (2022: EUR 350 mn). This was caused mainly by moderately lower refining margins and a reduced ADNOC Global Trading contribution following weaker trading margins, strongly compensated by robust operational performance at ADNOC Refining and a partial reduction of a decommissioning provision.

Net special items amounted to EUR 146 mn (2022: EUR 426 mn) and were primarily related to the sale of OMV’s filling station and wholesale business in Slovenia in June 2023, partly offset by commodity derivatives. In 2022, special items were mainly related to the sale of the German filling stations. CCS effects of EUR –126 mn were recorded in 2023 as a consequence of declining crude oil prices. The Operating Result of Fuels & Feedstock decreased significantly to EUR 1,671 mn (2022: EUR 2,438 mn).

Capital expenditure in Fuels & Feedstock amounted to EUR 984 mn (2022: EUR 800 mn). Organic capital expenditure in 2023 was mainly related to the European refineries. The increase in capital expenditure in 2023 was predominantly due to cost inflation and higher investments in the aromatic unit in Petrobrazi and the co-processing plant in Schwechat.

Barrel (1 barrel equals approximately 159 liters)
Metric ton
Net income
Net operating profit or loss after interest and tax