From an oil multinational loyal to Russia to a sustainable chemical company

How it all began at OMV

As an occupying power after the Second World War, the Soviet Union (USSR) the oil and gas wells in eastern Austria that were developed by the Nazis. The Soviet Petroleum Administration (SMV) was created. In 1956, one year after the signing of the Austrian State Treaty, it became the Österreichische Mineralölverwaltungs Aktiengesellschaft, or ÖMV for short. The company opened its first gas stations in 1957 and the Schwechat refinery in 1960.

Europe linked to Russia

The company maintained its relations with Russia. Due to the increasing energy requirements of the domestic industry 1968 a Natural gas contract with the USSR completed – a peculiarity in times of the Cold War. Years later, West Germany also followed this example. A lack of diversification is making Europe miserable depending on gas from the east. ÖMV plays a key role with its Baumgarten gas hub.

In 1987, the previously state-owned company made its first privatization step. In 1994, IPIC (later Mubadala) from the Emirate of Abu Dhabi became a major shareholder. In 1995, ÖMV became OMV. In 1998, OMV became part of the plastics company Borealis a. In 2004, the majority in the Romanian oil and gas company Peter taken over. In 2015, OMV and Gazprom decided to work closely together. Its dramatic end followed in 2024.

Moving away from Russia’s gas and increasing diversification

Although it was closely linked to the USSR and what remained of it in Russia for more than 50 years, OMV is now turning to other suppliers. A large-scale attempt Pipeline independent of Russia to Austria already existed with the Nabucco project, which failed in 2013. Now the company supplies itself with gas from a wide variety of sources (probably still Russia) via the gas exchange and is trying to develop new sources on its own. One with greater potential is called Neptune Deep and is located in the Romanian Black Sea area.

How Alfred SternChairman and CEO of OMV, explains that the company had one three years ago Gas-Taskforce founded with the aim of providing care to diversify more. “We have implemented this consistently. This includes both gas supply sources and additional pipeline capacities.”

What OMV produces today and in the future

For a long time, liquid fuels and gaseous energy were OMV’s only business areas. By 2030, the company wants to transform into an “integrated company for sustainable chemicalsfuels and energy with a key role in the Circular economy“We want to do it by 2050 at the latest net zero emissions generate.

OMV covers the chemicals sector primarily through its subsidiary Borealis, in which OMV holds 75 percent. Borealis provides about this Basic chemicals Ethylene and propylene, which are raw materials for a variety of products in the chemical industry. They are also an important sector Polyolefin. The plastics are found in polyethylene (PE) and polypropylene (PP), which are used to make films, packaging and pipes.

Recycling and sustainable fuels

In addition to production, OMV is also increasingly concerned with chemicals Recycling plastics. One specialty is the “ReOil” process, in which plastics are essentially turned back into crude oil. In Germany, together with partner Interzero, it will become Europe’s largest Sorting system for mixed plastic waste. It is scheduled to go into operation in 2026.

The production of… should also fit into the circular economy sustainable aviation fuels (SAFs). The Schwechat refinery currently produces 4,000 tons of SAF annually from used cooking oil. A facility is being built in Romania that will be used alongside SAFs from 2028 green hydrogen should produce. Through such projects, OMV also wants to reduce its own CO2 emissions. By 2030 it should be minus 30 percent compared to 2019.

Electromobility and geothermal energy

OMV wants to make its gas station network, which extends across large parts of Eastern Europe, fit for the future by investing in electromobility, among other things. By 2030, a total of 5,000 fast charging stations arise. A charging network is to be set up with OMV filling stations, with a charging point available every 100 to 150 kilometers.

At first glance, the company’s involvement in this area seems unusual Geothermal energy. However, OMV has the joint venture together with Wien Energie Deeep founded to use hot underground water resources to supply 200,000 households with district heating in the future. OMV can contribute great drilling expertise.

About the one that has been planned for a long time Fusion from Borealis Borouge In Abu Dhabi, however, things have become quiet as the international petrochemical giant.