The partially state-owned oil, gas and chemical group OMV sees opportunities in climate change. In the past year, the company has set several course for sustainable energy production, said OMV CEO Alfred Stern on Thursday at the balance sheet press conference in Vienna.

For example, the possibility of generating energy from geothermal energy is being examined with a partner company on an area of ​​5000 square kilometers in Lower Saxony. In addition, airlines such as Lufthansa, Ryanair and Wizzair are now being supplied with more sustainable fuels that pollute the environment with 80 percent less CO2 than conventional kerosene, Stern said.

Oil from plastic waste

The Austrian group also counts the production of oil from plastic waste as one of its growth areas. The corresponding ReOil plant at the Vienna-Schwechat location will produce with an increased volume of 16,000 tons this year. The expertise should also be marketed worldwide with licenses, said Stern. Of the targeted average of 3.5 billion euros in annual investments by 2030, 40 percent are to flow into sustainable products.

OMV earned very well last year due to the high oil and gas prices. Net profit increased by 85 percent to 5.17 billion euros. Sales increased by 75 percent compared to the previous year and amounted to 62.3 billion euros.

Meanwhile, OMV expects oil and gas prices to ease slightly this year compared to 2022. The development will depend primarily on demand from China, it said.

In contrast to Germany, which is no longer supplied by the Russian group Gazprom, Austria still receives gas from Russia, albeit in a very unreliable volume, said OMV board member Reinhard Florey.