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
Source: omv.com
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
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