OMV sets itself 15 sustainability targets. Up to EUR 500 mn investment in innovative energy solutions by 2025
Submitted by OMV
Growing demand for energy and accelerating climate change pose immense challenges for the energy sector. The key lies in finding the balance between climate protection efforts, affordable energy, and reliable supply. Alternative energy systems as well as economically viable and scalable technologies for industry and the private sector must be developed. Here, OMV will make a significant contribution to the sustainable energy supply of future generations.
OMV, the integrated, international oil and gas company based in Vienna, presents its OMV Sustainability Strategy 2025 today. The strategy is part of OMV’s Corporate Strategy 2025. Fifteen measurable targets have been set in the five focus areas: “Health, Safety, Security and Environment (HSSE)”, “Carbon Efficiency”, “Innovation”, “Employees”, as well as “Business Principles and Social Responsibility”.
Rainer Seele, Chairman of the Executive Board and CEO of OMV: “Our goal is to provide ‘oil and gas at its best’. We are convinced that a responsible approach to oil and the increased use of gas will support the energy transition. Together with other energies, oil and gas will secure the energy needs of the future.”
Health, safety, security and environment
Health, safety, security and the environment are the top priority for OMV.
In order to make its vision “Zero harm – No losses” a reality, OMV is committed to proactive risk management. Thanks to this, OMV occupies a leading position among its peers in the industry.
Building on this success, OMV has set the goal of stabilizing the lost-time injury frequency rate (= number of lost-workday injuries per million hours worked) at under 0.3 and maintaining its leading position in process safety in order to protect people and the environment.
OMV is committed to the goals of the Paris Climate Agreement, the EU climate targets for 2030, and the climate and energy strategy of the Austrian Federal Government derived from these. The area of carbon efficiency defines OMV’s contribution to the creation of a lower-carbon energy system. Taking the figures from the baseline year 2010, by 2025 OMV aims to reduce the carbon intensity of its business activities by 19% by implementing the World Bank’s “Zero Routine Flaring by 2030” initiative, amongst other measures. The carbon intensity of the product portfolio should be reduced by 4%.
As predicted by the International Energy Agency, oil and gas will continue to play a crucial role in the global transformation of the energy mix in the coming decades. Oil remains a valuable and important raw material which, however, will be refined in petrochemical processes rather than burned. OMV focuses on high-quality refinery products such as low-emission premium fuels, and feedstocks for the chemical industry. Gas will play a decisive role in the energy transition. It can be used in almost all areas and also enables a rapid coal phase-out. In electricity production, gas emits 50% less carbon than coal. OMV will increase the share of gas in its portfolio to over 50% and also aims to double gas sales in Europe.
In total, OMV will invest up to EUR 500 mn by 2025 in innovative energy solutions such as ReOil and Co-Processing, for a lower-carbon future. Establishing gas as an energy source of the future requires seeking out and analyzing technologies for the cost-effective use of climate-neutral gas. Innovative enhanced oil recovery projects strive to make oil production more environmentally efficient.
In the ReOil research and development project, waste plastics are converted back into high-quality crude, which can then be further processed into fuels or high-quality plastics. The pilot plant at Schwechat Refinery processes 100 kg of waste plastics per hour to produce 100 l of synthetic crude. OMV aims to develop ReOil into a profitable, industrial-scale process with a capacity of around 200,000 tonnes per year.
Co-Processing is an innovative method in which biogenic substances such as rapeseed oil and used food-grade oils are refined together with crude oil to produce diesel with a higher bio content. In contrast to conventional biofuel mixtures, Co-Processing improves fuel quality, in particular in regards to the energy content. OMV aims at raising the part of sustainable feedstock co-processed in the refineries to around 200,000 t per year by 2025.
OMV sees its employees as the key to its success. Diversity is a high priority, which is why targeted measures are also planned in this area. In particular, OMV is striving to increase the proportion of women at management level to at least 25% from the current level of 18%. Measures to this end include leadership and mentoring programs. Another goal is to keep the proportion of executives with international experience at 75%.
Business principles and social responsibility
OMV can look back on a long history of doing business in a socially responsible way and creating added value for society. The guidelines for these activities are the United Nations (UN) Global Compact, the UN Guiding Principles for Business and Human Rights, and the UN Sustainable Development Goals. By 2025, OMV will review its stakeholder dialog at all sites according to the UN’s effectiveness criteria and train employees in human rights and business ethics issues. Compliance with business principles also needs to be ensured at suppliers, which is why sustainability audits are increasingly being carried out.
More information on the OMV Sustainability Strategy 2025 is available at:
OMV produces and markets oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 20 bn and a workforce of around 20,700 employees in 2017, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Romania and Austria and a balanced international portfolio, with the North Sea, the Middle East & Africa and Russia as further core regions. 2017 daily production stood at approximately 348,000 boe/d. In Downstream, OMV operates three refineries with a total annual processing capacity of 17.8 mn tons and more than 2,000 filling stations in ten countries. OMV runs gas storage facilities in Austria and Germany; its subsidiary Gas Connect Austria GmbH operates a gas pipeline network in Austria. In 2017, gas sales volumes amounted to around 113 TWh. OMV holds a Prime Rating from the sustainability rating agency ISS-oekom and is listed on the Dow Jones Sustainability Index.
For questions please contact
OMV Public Relations:
Andreas Rinofner, tel.: +43 1 40440 21357, e-mail: email@example.com
OMV Investor Relations:
Florian Greger, tel.: +43 1 40440 21600, e-mail: firstname.lastname@example.org
OMV produces and markets oil and gas, innovative energy and high-end petrochemical solutions - in a responsible way. With Group sales of EUR 23 bn and a workforce of more than 20,000 employees in 2018, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Romania and Austria as part of the Central and Eastern Europe core region as well as a balanced international portfolio, with Russia, the North Sea, the Middle East and Africa as well as Asia-Pacific as further core regions. In Downstream, OMV operates three refineries and more than 2,000 filling stations in ten countries.
We supply the society with energy reliably and responsibly - but we want more: We want to shape the energy of tomorrow. That's why we have set ourselves sustainability targets for 2025. This not only means 19% less CO2, using resources more efficiently and developing CO2-neutral energy sources - we will also use waste as a new raw material. With our ReOil innovation, we are turning plastic waste back into high-quality oil. This will enable us to recycle up to 50% of Austria's plastic waste and make it useful again.
To learn more about OMV’s sustainability please visit https://www.omv.com/en/sustainability.
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