The Supervisory Board of OMV Aktiengesellschaft has approved a reorganization of the OMV Group involving splitting and expanding the current area of Refining & Petrochemical Operations into two areas: Refining and Chemicals & Materials.
This structural change facilitates the forward integration in the chemicals sector that has been underway ever since OMV acquired a majority stake in Borealis. With this change, OMV is consistently positioned across the entirety of its expanded value chain and can bundle all relevant responsibilities for petrochemicals and chemicals in a single board division.
In addition, the OMV Supervisory Board has appointed Alfred Stern (56) as Executive Board member for Chemicals & Materials.
The changes will take effect as of April 1, 2021.
Mark Garrett, Chairman of the Supervisory Board of OMV: “The new corporate structure will significantly expedite the integration of Borealis into the OMV Group and the expansion of the chemicals business. I am delighted that we have managed to bring on board Alfred Stern to the OMV Executive Board, a manager with a wealth of international experience in the chemicals industry. Over the past years, he and his team has not only achieved an excellent positioning for Borealis’ polyolefin business but evolved the company in the direction of a circular economy.”
by OMV, Press Release
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?