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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