Photo: Courtesy of OMV

OMV sets up new corporate structure for sustainable growth

Austrian oil and gas company OMV has introduced its new corporate structure to deliver on ambitions to become a net-zero company, which will come into effect on 1 January 2023.

According to OMV, the new structure is designed to fully enable the delivery of Strategy 2030 and drive its transition towards becoming an integrated sustainable fuels, chemicals and materials company.

The company also strives to develop circular economy solutions and build a low-carbon business in the energy sector, which includes geothermal energy and carbon capture and storage (CCS) in particular.

The new organisation will be built on five distinct areas. In addition to the CEO and CFO areas, three business segments will be established: Chemicals & Materials, Fuels & Feedstock, and Energy.

Aimed at strengthening these capabilities across the group, a dedicated Innovation & Technology function will be established under the leadership of the CEO. In addition, group-wide Controlling and Performance as well as Sustainability management in the CFO area will be strengthened to foster effective strategic and sustainable group management.

The Chemicals & Materials segment will continue to cover the entire chemicals value chain, including responsibility for capturing value from the circular economy.

The Fuels & Feedstock segment combines the previously distinct Executive Board areas of Refining on the one hand and Marketing & Trading on the other. This division is now responsible for refining operations, logistics, commercial business, and the entire filling station network.

The Energy segment will be the home to the traditional Exploration & Production business as well as the entire Gas business. OMV has also added the Low-Carbon business.

OMV intends to use its assets and know-how to develop projects in the areas of renewable energy with a focus on geothermal energy and CCS.

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