Sustainability: our key driver for innovation and growth in the UAE and the world

It has been 50 years since the United Arab Emirates and Austria established diplomatic relations. Fast forward to today, the UAE stands as Austria’s primary economic and trade partner in the Gulf region. This 50-year diplomatic anniversary coincides with the UAE’s decision to extend the ‘Year of Sustainability’ into 2024. We take pride in being an active contributor to the UAE’s vision for a sustainable future. Collaboration and a shared vision for a circular economy are essential to achieving this goal.

We also commemorate our very own anniversary, spanning 30 years of partnership between OMV and Abu Dhabi. OMV has been driving progress towards sustainability through partnerships with iconic companies like ADNOC and Masdar, strengthening our long-standing presence in the Gulf region and beyond. Over three decades, we have nurtured a lasting friendship that was anchored in new ideas, learning from each other and a shared vision for the future, culminating in impressive joint ventures like Borouge. Our breadth of strategic alliances encompasses our entire business value chain and continues to flourish. This fills me with great optimism towards the future.

For us at OMV, sustainability is a key driver for growth. We are working on innovative projects that contribute to our purpose “re-inventing essentials for sustainable living”. With our Strategy 2030 we are striving to become an integrated sustainable chemicals, fuels and energy company. It is the biggest transformation in the history of our organisation.

As we aim to create long-term value and establish financial resilience throughout the economic and industrial cycles, we maintain a laser-sharp focus on the development of low-carbon solutions in successfully navigating the energy transition. Currently, we are seeing an energy market upcycle in Europe and other parts of the world. At the same time, we foresee gas demand continuing to be robust and imports remaining a necessity in Europe for the foreseeable future. We will increase the share of gas to 60% in our traditional portfolio by 2030. Furthermore, we will grow our chemicals business and leverage the potential of our speciality products where our group company Borealis has a strong position based on its leading technological prowess and rich patent pipeline. Also, we aim to become a leading European producer of renewable fuels, while OMV Petrom is uniquely positioned to become an energy transition leader for Romania and Southeastern Europe.

Sustainability is at the heart of our strategy, with the goal to be a net-zero company latest by 2050. The goal of our responsible transformation is to be a reliable supplier of affordable chemicals, fuels and energy today, while innovating to make these essential products more sustainable. We are on track and consistently develop our transformation lighthouses – circular chemicals, sustainable aviation fuel (SAF) and geothermal energy. In the Chemicals segment, we are building the largest sorting plant for mixed plastic waste in Europe. The recycled material can be converted into valuable secondary raw materials using OMV’s patented ReOil chemical recycling technology. In our Fuels and Feedstock segment, we produce SAF from used cooking oil. So far, we have signed several offtake agreements with major airlines and taken the final investment decision for a dedicated SAF/HVO plant in Romania. In the Energy segment, we aim to make climate-neutral geothermal district heating a reality for up to 200,000 households in Vienna in the next years.

OMV’s mission is to stay agile and put our strategic objectives into practice. And while OMV takes the next steps, our new corporate identity - unveiled just a few months ago - now fully reflects our Strategy 2030.

The core element of our brand design is the Loop. This symbol signifies our progress moving towards circularity and sustainability, and our strength as an integrated company. The new brand identity is our commitment to creating a world where sustainable energy, mobility and lifestyle become a reality for everyone. With our claim “Forward for Good”, we underpin the attitude of our 20,600 employees: always progressing, always moving forward. We are leading step by step through a responsible energy transition. With this in mind, I am very much looking forward to ADIPEC 2024.