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OMV to move toward long-term chemicals business
Executives from Austrian oil and gas company OMV spoke today about its long-term move into the downstream chemicals industry. The company said the deal was ¡°the biggest in the history of Austria¡±, and will keep its business sustainable in a low-carbon world.
The company confirmed its deal to buy the majority stake in chemicals company Borealis yesterday. The $4.68bn agreement sees OMV controlling 75% of the business after buying 39% from Mubadala.
Borealis manufactures base chemicals, fertilisers and feedstocks. It is the second-largest producer of polyolefin chemicals in Europe, with a profit of $1.06bn (€960m) last year. OMV plans to move to the chemical industry and will consolidate Borealis into the OMV group.
CEO Rainer Seele told a press conference the purchase was part of the company¡¯s strategy to be less reliant on fossil fuel products.
Asked about how else the company might expand, Seele said it was not interested in stepping into electricity generation.
¡°We don¡¯t want to be an electricity company, OMV doesn¡¯t want to rediscover that role,¡± Seele said. ¡°That is not part of our strategy or our competencies. We are now in a business where we now have a relatively high use of fossil fuels because technologically, there are no alternatives.¡±