MOSCOW (MRC) -- OMV’s Sustainability Report 2022 details the progress made as a Company in the past year to deliver on our strategy, said the company.
OMV is committed to becoming a net-zero company (across all GHG Scopes 1, 2 and 3) by 2050 at the latest, becoming a European leader in sustainable polyolefins and establishing a top global position in circular economy solutions.
The Sustainability Report 2022 gives a status update on OMV’s targets, which are tied to contributing to the UN Sustainable Development Goals, as well as its plans for the coming years.
Margins in Q1 for the bulk of OMV’s chemical portfolio are expected to be lower year on year, although refining profitability is expected to be substantially stronger in the same period.
The company, which holds a 75% stake in petrochemicals producer Borealis, expects to report lower indicative margins for most of its petrochemicals portfolio in Q1 2023, with the exception of ethylene. The most pronounced decline will come from its polyolefin segment.
Polyethylene (PE) sales, as well as general polyolefins volumes from joint venture companies, are expected down for the year aside from in-house polypropylene (PP) production, which is expected to be stable during the quarter at 440,000 tonnes.
We rmind, OMV has decided to explore the possibilities of selling its upstream exploration and production (E&P) assets in the Asia-Pacific region. Executive Board of OMV has decided to explore the possibilities of selling the E&P assets in the Asia-Pacific region and to initiate the related sales process for the potential divestment of its 50% stake in the issued share capital of SapuraOMV Upstream Sdn. Bhd. in Malaysia and 100% of the shares in OMV New Zealand Limited. A potential divestment aims at optimizing the E&P portfolio in line with the OMV Strategy 2030.