OMV bets on chemicals
The Austrian company is accelerating its pivot from the upstream to the down
Central European oil and gas firm OMV completed at the start of November the $4.7bn acquisition of an additional 39pc share in Austrian chemical company Borealis, increasing its stake to 75pc. The deal makes OMV the largest producer of olefins in Europe and one of the largest polyolefin producers worldwide. The firm’s CEO, Rainer Seele, hails the move as “a decisive step in our transformation to position OMV successfully for the future”, both for its diversification and also as a lower-carbon strategy for a producer that is largely eschewing a significant move into renewables. “On the one hand, we are convinced that chemicals and polymers will be without any doubt… needed in 2050 and beyond,
Also in this section
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
