OMV Sets Out New Corporate Structure in Move Toward Sustainable Focus

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OMV AG has set out a new corporate structure in line with its goal to transition toward becoming a company focused on sustainable fuels, chemicals, and materials.

The Austrian oil-and-gas major said the new organisation includes three business segments: chemicals and materials, fuels and feedstock, and energy. It will go into effect on January 1.

The chemicals and materials segment will continue to cover the entire chemical value chain, while fuels and feedstock will be responsible for refining operations, logistics, commercial business, and the entire filling station network.

According to OMV, the energy segment will focus on traditional exploration and production as well as the gas business, but will also include renewable-energy projects with a focus on geothermal energy and carbon capture and storage.

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Source: Market Screener