OMV is to receive up to 81.6 million euros for the construction of a chemical recycling plant.
 

OMV and the European Climate, Infrastructure and Environment Executive Agency (CINEA) have signed an agreement for the planned plant, which is expected to process up to 200,000 tonnes of used plastics per year, the Austrian oil, gas and chemicals group announced. The funding pledged for the construction of the plant marks the first time that OMV has received funding from the European Union Innovation Fund, as well as the largest public funding for an OMV project, according to the announcement. The EU Innovation Fund is a financing instrument under the Paris Agreement and aims to create a climate-neutral Europe by 2050. It is designed to promote innovative low-carbon technologies and processes in energy-intensive industries, focusing on technologies and projects that lead to significant emissions reductions.
 
The planned industrial recycling plant will use the ReOil® recycling technology developed and patented by OMV to process plastic waste that would otherwise end up in landfills or incinerators. According to the information provided, the process makes it possible to convert waste plastics into sustainable basic chemicals and use them to manufacture a wide range of products in the chemical industry – in particular, new plastics. OMV's final investment decision for the plant is still subject to final approval.
 
Martijn van Koten, OMV Executive Board member, Executive Vice President Fuels & Feedstock and Executive Vice President Chemicals, explains: ‘We are very pleased to receive this substantial funding from the EU Innovation Fund.’ It would be seen as proof of OMV's innovative strength.
 
Sources:

• Press release OMV (12.3.2025)
• Photo: © OMV