Press release $OMV (-5,53%)
Vienna/Brussels, March 12, 2025
OMV and the European Climate, Infrastructure and Environment Executive Agency (CINEA) have signed an agreement for OMV's planned industrial ReOil® plant, securing funding of up to EUR 81.6 million. This is the first time OMV has received funding from the EU Innovation Fund. It is the highest public funding OMV has ever received for an independent project.
The future industrial ReOil® plant will be able to process up to 200,000 tons of used plastics per year that would otherwise end up in landfills or incinerators. OMV's patented ReOil® recycling technology converts waste plastics into sustainable base chemicals and uses them to manufacture a wide range of chemical industry products, especially new plastics. OMV's final investment decision for this plant is subject to final approval.
The funding for OMV is part of the European Union's Innovation Fund, one of the world's largest programs to support pioneering low-carbon technologies. The fund focuses on highly innovative technologies and flagship projects in Europe that aim to significantly reduce CO2 emissions.
"We are delighted to receive this extensive support from the EU Innovation Fund. This is proof of OMV's innovative strength. By processing mixed plastic waste that cannot be mechanically recycled and then converting it into valuable raw materials, our pioneering ReOil® technology contributes to the circular economy. It is an important step on our path to climate neutrality by 2050 at the latest," says Martijn van Koten, OMV Executive Board Member, Executive Vice President Fuels & Feedstock and Executive Vice President Chemicals.
OMV was one of the first companies in the world to develop its own chemical recycling technology for mixed used plastics more than 15 years ago. In the meantime, the ReOil® pilot plant at the OMV Schwechat refinery near Vienna has completed around 30,000 cracking hours. ReOil® complements the OMV Group's existing recycling plants and is an important pillar of OMV's circular economy and transformation strategy.