- Business
- OMV AG is an integrated oil, gas and chemicals company that explores, produces, refines and markets crude oil, natural gas, refined fuels, petrochemical feedstocks and advanced polyolefin materials. The company operates through three core segments: Energy, encompassing upstream exploration and production of hydrocarbons primarily in Central and Eastern Europe, North Sea and other regions, natural gas marketing, power generation, storage and low-carbon initiatives including geothermal and carbon capture; Fuels & Feedstock, which includes refining at facilities in Austria, Germany and Romania with total capacity of around 500,000 barrels per day, production of road, aviation and marine fuels, bitumen, sustainable aviation fuel (SAF), renewable diesel (HVO) and sustainable chemical feedstocks, plus a retail network of approximately 1,700 filling stations across eight European countries and EV charging expansion; and Chemicals & Materials, a leading global provider of base chemicals, polyethylene and polypropylene via Borealis (75%-owned), joint ventures Borouge (with ADNOC in UAE) and Baystar (with TotalEnergies in US), serving industries such as consumer products, energy, healthcare, infrastructure and mobility with circular economy solutions including plastics recycling. Founded in 1956 and headquartered in Vienna, Austria, OMV conducts operations in over 120 countries, with key subsidiaries including OMV Petrom SA (51%-owned in Romania) and significant stakes in ADNOC Refining; it employs nearly 24,000 people and targets net zero emissions by 2050. Recent developments include the March 2025 agreement with ADNOC to combine polyolefins businesses Borealis and Borouge into Borouge Group International, a new joint venture that will acquire Nova Chemicals for USD 9.4 billion and receive a EUR 1.6 billion capital injection from OMV, with completion expected in 2026; the April 2025 launch of Austria's largest 10 MW green hydrogen plant at Schwechat refinery; the February 2025 final investment decision by OMV Petrom for a EUR 750 million SAF/HVO facility at Petrobrazi including green hydrogen production; partnerships such as a January 2025 MoU with Airbus for SAF supply, April 2025 LOI with Masdar for green hydrogen and eSAF, and 2024 power purchase agreements with VERBUND/ImWind and Renovatio for renewable electricity; the December 2024 sale of its 50% stake in Malaysian SapuraOMV Upstream to TotalEnergies for USD 957 million; and termination of its Gazprom gas supply contract in December 2024.