OMV has successfully secured a substantial grant of up to EUR 81.6 million from the European Climate, Infrastructure and Environment Executive Agency (CINEA) to support its planned industrial ReOil® plant. This milestone marks the first time OMV has received funding from the EU Innovation Fund and represents the largest public grant awarded to OMV for a stand-alone project.

The proposed ReOil® facility is designed to process up to 200,000 metric tons of used plastics annually, which would otherwise end up in landfills or incineration sites. By utilizing OMV’s proprietary ReOil® chemical recycling technology, these waste plastics can be transformed into sustainable base chemicals. These chemicals can then be used to manufacture new plastics and various other chemical industry products, advancing sustainability efforts in the sector.

The final investment decision for this industrial-scale plant is still pending final approval by OMV.

This grant forms part of the European Union’s Innovation Fund, one of the largest programs worldwide dedicated to promoting innovative low-carbon technologies. The fund is focused on supporting forward-thinking technologies and flagship projects that aim to deliver significant reductions in CO2 emissions.

“We are thrilled to receive this substantial grant from the EU Innovation Fund. This achievement highlights OMV's strong innovation capabilities. By converting mixed plastic waste that cannot be mechanically recycled into valuable raw materials, our groundbreaking ReOil® technology plays a vital role in promoting a circular economy,” said Martijn van Koten, OMV Executive Board Member, Executive Vice President Fuels & Feedstock, and Executive Vice President Chemicals. He also emphasized that the initiative aligns with OMV’s ambitious target to achieve climate neutrality by 2050.

OMV has been a pioneer in developing its own chemical recycling technology for mixed-used plastics for over 15 years. Since its inception, the ReOil® pilot plant at the OMV Schwechat refinery near Vienna, Austria, has successfully completed nearly 30,000 cracking hours. By complementing OMV Group’s existing recycling facilities, the ReOil® plant plays a crucial role in OMV’s circular economy and transformation strategy, further strengthening its commitment to sustainable innovation.

OMV is committed to redefining essentials for sustainable living. The company is transitioning into an integrated sustainable chemicals, fuels, and energy provider, with a strong focus on circular economy solutions. By progressively shifting towards low-carbon business practices, OMV aims to achieve net-zero emissions by 2050 at the latest. In 2024, OMV generated revenues of EUR 34 billion, supported by a diverse and talented workforce of approximately 23,600 employees worldwide. OMV shares are publicly traded on the Vienna Stock Exchange (OMV) and in the United States as American Depository Receipts (OMVKY).