About OMV
OMV is an integrated company with three pillars: Chemicals, Fuels & Feedstock, and Energy. In the Chemicals segment, OMV is among the largest producers of ethylene and propylene in Europe and is one of the top ten polyolefin producers worldwide. OMV delivers advanced and circular polyolefin solutions globally through OMV and Borealis, as well as its joint ventures Borouge and Baystar™. Including joint ventures, OMV has significant production capacities in base chemicals, polyolefins, and compounding. The business operates in consumer products, energy, health care, infrastructure, and mobility sectors.
In the Fuels & Feedstock segment, OMV processes hydrocarbons in four countries and operates three refineries in Europe with a total global processing capacity of around 500 kbbl/d. OMV also holds a share in ADNOC Refining and ADNOC Global Trading in the UAE. By the end of 2024, the retail network included 1,702 filling stations across eight European countries.
In the Energy segment, OMV extracts hydrocarbons in the regions North, CEE, and South, and it includes the Low Carbon Business and gas operations. In 2024, hydrocarbon production reached 340 kboe/d, with nearly equal shares of liquids and gas. OMV’s Gas Marketing & Power activities include supplying, marketing, and trading gas in Western and Eastern Europe. OMV operates natural gas storage facilities with a capacity of around 30 TWh and a gas-fired power plant in Romania.
OMV has the following head count of employees by geographical areas. For detailed information, see the S1 Own Workforce metrics section.
OMV plans to transform into an integrated sustainable chemicals, fuels, and energy company, achieving net zero emissions by 2050. The Company has set interim targets for 2030 and 2040, aiming to reduce Scope 1 and 2 emissions by 30% by 2030 and 60% by 2040, and Scope 3 emissions by 20% by 2030 and 50% by 2040, all compared to 2019 levels. OMV also aims to reduce the carbon intensity of its energy supply by up to 20% by 2030 and by 50% by 2040. These reductions will be driven by increasing zero-carbon energy sales, sustainable base chemicals, polyolefins, and products, as well as using Carbon Capture and Storage while decreasing fossil fuel sales. OMV aims to phase out routine flaring and venting by 2030. For more information, see E1 Climate Change.
OMV maintains a strong foundation in its traditional business while actively pursuing growth opportunities in sustainable sectors. Strong cash flows from current operations support growth and transformation, balancing investments in new areas and optimizing the traditional business. The primary objective is to respond to market dynamics and customer expectations while ensuring economic sustainability and reliable supply.
The Strategy 2030 is built on four strategic pillars:
- Strengthen, expand, and diversify the chemicals portfolio
- Establish a leading position in renewable and circular economy solutions
- Become a leading European producer of renewable fuels
- Focus on gas and low-carbon solutions
In Chemicals, OMV aims to grow its sustainable products, targeting up to 1.4 mn t of sustainable base chemicals and polyolefins by 2030, with significant volumes derived from recycling. OMV’s ReOil® project plans to scale up to an industrial plant by 2029. The Company also focuses on renewable biobased chemicals and polyolefins, leveraging integration with Fuels & Feedstock, and sustainable projects to offer competitive returns. In Fuels & Feedstock, OMV is targeting a renewable fuels and chemical feedstock production capacity of around 1.5 mn t, focusing on SAF, biodiesel, and chemical feedstocks. Key projects include co-processing plants and SAF/HVO plants in various locations, while further capacities around the world are being explored. Under the EU chemical legislation REACH, none of the substances manufactured in the three OMV refineries are subject to bans in the 27 EU and three EEA countries.
OMV aims to expand e-mobility, targeting 5,000 fast and ultra-fast charging points by 2030 and the development of a network of EV chargers for heavy-duty vehicles. A production target of around 350 kboe/d by 2030 will be maintained, focusing on gas as a transition fuel. The Company seeks to build a profitable low-carbon business, targeting geothermal energy, renewable power, and Carbon Capture and Storage. OMV is aiming for 3–4 TWh of renewable power and around 4 TWh of geothermal energy by 2030, with projects across Europe. In Carbon Capture and Storage, OMV is targeting a capacity of 3 mn t of CO2 annually by 2030. For more details, see Net Zero Transformation.
Building and retaining a talented and skilled team of employees for international and integrated growth is a key factor in the success of OMV’s strategy. We developed a new People & Culture Strategy in 2022, which fully supports the transformation of OMV and is centered around “People make it happen.” At the core of this is our purpose: “Re-inventing essentials for sustainable living.” We have developed four strategic drivers: Employee Experience, Growing Talent, Organizational Evolution, and New Ways of Working. These are all powered by a solid foundation of Transformational Leadership, driven by our leaders. To ensure that no employee is left behind in the implementation of our strategy, we are committed to a Just Transition. To facilitate this, we offer low-carbon training solutions and continue to expand our efforts to upskill our workforce. Our aim is to keep skills up to date, recognizing that existing skills can be transferred to new energy solutions.
Revenues from Fossil Fuels
The total revenue derived from fossil fuels (including a breakdown of revenue from oil and gas) and chemicals production is presented in detail in Note 7 – Sales Revenues in the Consolidated Financial Statements for year-end December 31, 2024. OMV does not generate any revenue from coal, and therefore it is not reflected in the table. In the current reporting year, none of the revenue was from Taxonomy-aligned activities related to fossil gas, details of which can be found in the EU Taxonomy section.
In EUR mn |
|
|---|---|
|
2024 |
Crude Oil, NGL, condensates, fuel and heating oil, other refining products |
14,920 |
Natural gas and LNG |
7,270 |
Chemical products |
8,388 |
Total |
30,578 |
Business Model and Value Chain
OMV is an integrated sustainable chemicals, fuels and energy company with a diverse business model that spans the entire value chain. The key components of OMV’s business model are the exploration and production of oil and natural gas and the development of low-carbon energy projects such as geothermal energy; the refining of crude oil and sustainable feedstocks into various products, including fuels, heating oil, biobased fuels, and petrochemical feedstocks; the marketing and retail business for its refined fuel products; the transportation, storage, and marketing of natural gas; the production of electricity; the production and marketing of high-quality plastics and chemicals; the mechanical and chemical recycling of plastic waste, and research and development in the field of sustainable chemicals and materials, fuels, and energy.
OMV’s petrochemical activities in Austria and Germany are backward integrated into its refineries. Naphtha is used as feedstock for the steam crackers operated by OMV. Key products are ethylene and propylene, which are mainly supplied to OMV’s subsidiary Borealis for further processing into polyolefins. By making use of the latest chemical and mechanical recycling technologies, OMV aims to establish a circular business model. An increasing share of the polyolefins OMV produces will thus be based on recycled feedstock. This way, OMV will continue its integrated business approach in the future.
OMV’s business model relies on a variety of inputs, which are essential for its operations across the value chain. The key inputs and OMV’s approach to gathering, developing, and securing them are:
- Natural resources: crude oil, natural gas, and other hydrocarbons obtained through exploration and production activities by our own operations and purchases from global markets; biobased feedstock and plastic waste obtained from national and international markets; petrochemical products obtained from OMV’s own operations and purchased from global markets.
- Technology and innovation: Advanced technologies and innovative solutions are crucial for efficient exploration, production, refining, and chemical processes. OMV invests in research and development to enhance its technological capabilities.
- Human capital: Skilled and experienced employees are vital for OMV’s success. OMV focuses on attracting, developing, and retaining talent through comprehensive training programs and career development opportunities.
- Financial capital: OMV requires substantial financial resources for investments in exploration, production, refining, and sustainable energy projects. OMV secures funding through a mix of equity, debt, and reinvested earnings.
- Partnerships and collaborations: Strategic partnerships with other companies, research institutions, and governments are essential for accessing new resources, technologies, and markets.
OMV’s outputs and outcomes are designed to create value for a wide range of stakeholders, including customers, investors, employees, and society at large. The current and expected key benefits for the stakeholder groups are as follows:
Customers
- Driving the energy transformation: OMV’s Strategy 2030 emphasizes the transformation into a sustainable, integrated chemicals, fuels, and energy company, achieving significant emissions reductions while responding to market and customer needs.
- Reliable energy supply: OMV ensures a stable and secure supply of energy products, including oil, gas, petrochemicals, and sustainable energy products, which are essential for various industries and daily life.
- Quality products: OMV focuses on delivering high-quality fuels and chemicals, meeting stringent environmental and safety standards.
- Innovation and sustainability: OMV invests in innovative solutions such as green hydrogen and circular economy initiatives, aiming to provide more sustainable energy options for customers.
Investors
- Financial performance: OMV has a strong track record of financial performance, providing returns through dividends and share price appreciation.
- Strategic growth: OMV’s Strategy 2030 emphasizes growth in sustainable and innovative energy solutions, positioning the Company for long-term success.
- Transparency and governance: OMV maintains high standards of corporate governance and transparency, fostering trust and confidence among investors.
Employees
- Competitive compensation: OMV offers competitive wages and benefits, contributing to the economic well-being of its employees.
- Career development: OMV provides opportunities for professional growth and development, including training programs and career advancement.
- Safe work environment: OMV prioritizes health and safety, ensuring a safe working environment for all employees.
- Just Transition: We ensure that no employee is left behind in the implementation of our strategy, and we are committed to a Just Transition. Our aim is to keep skills up to date, recognizing that existing skills can be transferred to new energy solutions.
Society
- Economic contribution: OMV contributes to the economy through job creation, taxes, and investments in local communities.
- Environmental stewardship: OMV is committed to reducing its environmental impact, investing in renewable energy projects and sustainable practices.
- Community engagement: OMV supports various social projects, sponsorships, and donations, enhancing the quality of life in the communities where it operates.
- OMV’s integrated approach ensures that it creates value across its entire value chain, benefiting all stakeholders.
Our value chain is centered around our suppliers, contractors, assets, employees, customers, and partners.
In OMV’s Fuels & Feedstock and Chemicals divisions and the gas sales business, our suppliers and contractors form the upstream value chain, primarily providing feedstock and components, such as crude oil, intermediates, natural gas, and LNG, as well as (petro)chemicals. These inputs are sourced from national and international energy, chemical, and trading companies. In the Energy segment, we primarily procure equipment, components, and services for our exploration, development, and drilling operations from our – in line with our geographical footprint – predominantly European supplier base.
More information on our own operations can be found in the OMV value chain illustration below and the About OMV section in this report, including a description of our business operations and further information on the geographical breakdown of our operations.
Our customers, forming the downstream value chain, range from energy companies and wholesalers to industry and end customers. Roughly half of the oil and gas produced by the Energy segment is further processed internally, with the other half mainly sold to national and international energy companies and markets. In the F&F segment, products are primarily distributed through our retail network or industrial sales. Through our industrial sales, F&F directly and indirectly serves end customers in the mobility segment, such as the road transport, aviation, and marine sectors or industry customers, such as the construction industry. Additionally, F&F provides feedstock to our Chemicals division. The Chemicals division sells base chemicals to European chemical companies, while polyolefins are sold to industry customers in more than 100 countries worldwide, primarily focusing on European markets. This division serves end users in various industries, including consumer products, energy, health care, infrastructure, and mobility.
OMV’s partners along the value chain operate joint venture assets with OMV, provide feedstocks and intermediates, develop and improve technologies, or cooperate in selling our products. Moving forward, as we transition our business model and the products offered to our customers evolve, the value chain will expand to encompass our sustainable business models.
The impacts, risks, and opportunities in our own business model and value chain identified during the materiality assessment can be found in the section SBM-3 Material Impacts, Risks, and Opportunities and Their Interaction With the Strategy and Business Model.
OMV Value Chain
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