OMV, Austria’s energy major, reimagines its future
Less carbon, more plastic
WHEN HE became chief executive of OMV in September 2021, Alfred Stern had one word for Austria’s oil-and-gas major: plastic. Having previously run the concern’s chemicals division, Borealis, he saw that business, not fossil fuels, as OMV’s future. Global demand for carbon-emitting products will sooner or later peak. That for virgin plastics used in packaging is forecast to increase on average by 4.7% a year until 2030, faster than world GDP; for recycled plastics it will expand by as much as 12% annually.
This article appeared in the Business section of the print edition under the headline “Plastic surgery”
Business November 4th 2023
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