OMV Clinches EUR 81.6 Million EU Grant to Pioneer Industrial Plastic Recycling with ReOil® Technology

OMV Clinches EUR 81.6 Million EU Grant to Pioneer Industrial Plastic Recycling with ReOil® Technology

(IN BRIEF) OMV has secured up to EUR 81.6 million from the EU Innovation Fund through a grant agreement signed by CINEA to develop its industrial ReOil® facility. This historic funding, the largest public grant OMV has ever received for a stand-alone project and its first from the EU Innovation Fund, will support a facility designed to process up to 200,000 metric tons of used plastics annually using OMV’s proprietary chemical recycling technology. The initiative aims to convert non-mechanically recyclable plastic waste into sustainable base chemicals, reinforcing OMV’s circular economy strategy and contributing to significant CO2 emission reductions as the company strives for climate neutrality by 2050.

(PRESS RELEASE) VIENNA/BRUSSELS, 13-Mar-2025 — /EuropaWire/ — OMV has secured a historic funding milestone with the signing of a grant agreement by the European Climate, Infrastructure and Environment Executive Agency (CINEA) under the EU Innovation Fund. The grant, amounting to up to EUR 81.6 million, is earmarked for the planned industrial ReOil® facility—marking the largest public grant ever awarded to OMV for an individual project and the company’s inaugural funding from the EU Innovation Fund.

The forthcoming ReOil® plant is designed to process as much as 200,000 metric tons of used plastics annually, diverting these materials from landfills and incinerators. Leveraging OMV’s proprietary ReOil® chemical recycling technology, the facility will convert mixed plastic waste into sustainable base chemicals, which can be repurposed to manufacture new plastics and a variety of chemical products. The final investment decision for this ambitious project is pending final approvals.

This funding is part of the EU Innovation Fund, one of the world’s most substantial programs aimed at promoting innovative, low-carbon technologies and significantly reducing CO2 emissions. OMV’s breakthrough ReOil® technology not only underscores its pioneering efforts in chemical recycling—initiated more than fifteen years ago—but also forms a central pillar in the company’s broader circular economy and transformation strategy. The ReOil® pilot plant at OMV’s Schwechat refinery near Vienna has already amassed nearly 30,000 hours of operational experience, demonstrating the robustness of the technology.

Martijn van Koten, Member of the OMV Executive Board and Executive Vice President of Fuels & Feedstock and Chemicals, stated, “We are delighted to receive this substantial grant from the EU Innovation Fund. It is a testament to the innovative strength of OMV. By processing mixed plastic waste that cannot be mechanically recycled and converting it into valuable raw materials, our groundbreaking ReOil® technology contributes significantly to the circular economy and supports our goal of becoming climate-neutral by 2050.”

About OMV Aktiengesellschaft
It is our purpose to re-invent essentials for sustainable living. OMV is transitioning to become an integrated sustainable chemicals, fuels and energy company with a focus on circular economy solutions. By gradually switching over to the low carbon business, OMV is striving to achieve net zero by 2050 at the latest. In 2024, the company generated revenues of 34 billion euros with a diverse and talented workforce of around 23,600 employees worldwide. OMV shares are traded on the Vienna Stock Exchange (OMV) and in the US as American Depository Receipts (OMVKY). Further information
at www.omv.com.

Media Contact:

OMV Media Relations: Peter Gräve, Tel.: +43 1 40440 0, E-Mail: media.relations@omv.com
OMV Homepage: https://www.omv.com

SOURCE: OMV