OMV Sets out New Corporate Structure in Move Toward Sustainable Focus

By Giulia Petroni

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 organization includes three business segments: chemicals and materials, fuels and feedstock, and energy. It will come into effect on Jan. 1.

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

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

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

December 01, 2022 05:02 ET (10:02 GMT)

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