OMV Receives €81.6 Million in EU Funding for Its Industrial ReOil Plant

OMV and the European Executive Agency for Climate, Infrastructure and Environment (CINEA) have signed a funding agreement for OMV’s planned industrial ReOil plant, securing up to €81.6 million in funding. This is the first time OMV has received funding from the EU Innovation Fund and the largest public funding OMV has ever received for an independent project.

The future industrial ReOil facility will be designed to process up to 200,000 metric tons of waste plastics that would otherwise be sent to landfill or incineration plants. Using OMV’s proprietary ReOil chemical recycling technology, these recycled materials can be converted into sustainable building blocks and used to manufacture a variety of products in the chemical industry, including new plastics. OMV’s final investment decision for the plant is subject to final approval.

The funding received by OMV is part of the EU Innovation Fund program, one of the world’s largest programs for the promotion of innovative low-carbon technologies. The program focuses on highly innovative technologies and flagship projects in Europe that aim to significantly reduce CO2 emissions.

"We are delighted to have received this substantial grant from the EU Innovation Fund. It is a testament to OMV's innovative capabilities. By processing mixed plastic waste that cannot be recycled mechanically and converting it into valuable raw materials, our groundbreaking ReOil technology contributes to the circular economy. This is an essential component of our goal to become climate neutral by 2050 at the latest," said Martijn van Koten, Member of the Executive Board of OMV, Executive Vice President Fuels & Feedstocks and Executive Vice President Chemicals.