Page 17 - DMEA Week 32
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DMEA                                      PETROCHEMICALS                                              DMEA



































       OMV looks to gas, petchems to



       cut emissions





        AUSTRIA          AUSTRIA’S OMV will look to reduce its carbon  explained. “These plastics are important for the
                         footprint partly by continuing to expand its gas  energy transition, by the way, for producing
       Increasing gas and   and petrochemical businesses at the expense  electric vehicles, or high-voltage cable systems
       petrochemicals output   of crude oil sales, its CEO Rainer Seele said on  or solar panels.”
       while scaling back   August 5.                           OMV has also set new goals for emissions
       on crude oil sales will   Gas accounted for nearly 62% of the 464,000  reductions, for both its own operations and the
       enable OMV to reduce   barrels of oil equivalent per day (boepd) of  consumption of its products. It is now targeting
       its emissions, its CEO   hydrocarbons that OMV produced last year,  a 30% cut in its own emissions by 2025, versus
       Rainer Seele has said.  compared with 56% a year earlier.  the level in 2010, versus a previous goal of 19%.
                           “We will continue to increase the share of  The greatest decline is anticipated in its upstream
                         natural gas at the expense of crude in our pro-  emissions, accounting for at least 60% of the total
                         duction, as gas is greener,” Seele told investors  reduction. Cuts at its downstream business are
                         in a statement. “Of the crude that we continue  seen contributing 20%.
                         to produce, we will burn less and process   These achievements will be made primarily
                         more.”                               through increased efficiency, but also by provid-
                           OMV is building up its petrochemicals busi-  ing solar power for OMV’s Austrian operations.
                         ness, locking the carbon content of oil in plastics.   “Other technologies, such as using hydrogen
                         Once these plastics are no longer useable, they  or carbon storage and utilisation, still require
                         can be recycled back into synthetic oil using the  more work on their development, along with the
                         Austrian firm’s ReOil process.       appropriate political and regulatory frameworks
                           OMV struck a deal in March to raise its stake  before they can be implemented,” Seele said.
                         in petrochemicals giant Borealis from 36% to
                         75%, by acquiring a share from Abu Dhabi state   As for reducing emissions from the con-
                         investor Mubadala for $4.7bn. The agreement  sumption of its products, OMV can only boost
                         is expected to give OMV greater say over the  gas and petrochemicals production and scale
                         Ruwais project in the UAE, which its local part-  back higher-emitting oil output. Lowering this
                         ner ADNOC wants to develop into the world’s  category of emissions is complex and requires
                         largest integrated refining and petrochemicals  “joint effort by policymakers, industry and the
                         complex.                             end customers,” the CEO said.
                           “By increasing our stake in plastic producer   “We want to and we will make a key contri-
                         Borealis, we are investing €4.6bn in the future of  bution to a lower carbon world,” he said. “Our
                         the climate – away from fuels and towards high-  sector is not the enemy of climate action – we are
                         value plastics that bind the CO2 for longer,” Seele  part of the solution.” ™




       Week 32   13•August•2020                 www. NEWSBASE .com                                             P17
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