Latest news with #OMV
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Austria Launches Major Green Hydrogen Project
Israa Farhan Austria is set to become a key player in Europe's green energy transition with the announcement of a major hydrogen initiative by OMV, the country's leading oil and gas group. The company has unveiled plans to construct one of the largest green hydrogen electrolysis plants in Europe, aiming for an annual production capacity of 23,000 tonnes. The facility will be located in Bruck an der Leitha, in Austria's Burgenland state, and will be powered by renewable wind energy with an installed capacity of 140 megawatts. The project marks a significant step in Austria's broader strategy to achieve climate neutrality and cut carbon emissions. OMV, which is partially owned by the Austrian state, is positioning this project as a cornerstone of its commitment to reach net-zero emissions by 2050. The company's CEO, Alfred Stern, described the green hydrogen strategy as a milestone in OMV's decarbonisation roadmap, emphasising the plant's pivotal role in transitioning from grey to green hydrogen. As Europe intensifies efforts to move away from fossil fuels, this large-scale investment signals Austria's determination to secure a leadership role in sustainable energy production. The green hydrogen generated by the plant will support clean industrial processes and contribute to a more resilient, low-carbon energy system across the continent. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks
Bloomberg
3 days ago
- Business
- Bloomberg
OMV Sells Stake in UAE Gas Project to Lukoil for $594 Million
OMV AG sold its stake in a $20 billion natural gas concession off Abu Dhabi to Russia's Lukoil PJSC, exiting a project once seen as helping it break free from the Kremlin's energy orbit. OMV divested its 5% interest in the Ghasha development for $594 million, less a $100 million transaction fee, the Vienna-based company said Friday. The transaction doubles Lukoil's holding to 10%.
Yahoo
5 days ago
- Business
- Yahoo
Austria's OMV to build green hydrogen electrolysis plant
Austria's OMV energy, chemicals and fuels company on Wednesday announced approval of funds to construct an electrolysis plant to produce green hydrogen. The partially state-owned company headquartered in Vienna said hundreds of millions of euros had been set aside for the project. The project to produce hydrogen from renewables is in line with European Union targets. Construction start for the 140-megawatt plant in Bruck an der Leitha to the south-east of Vienna is subject to funding commitments. With its intended annual capacity of up to 23,000 metric tons, the plan would be one of the largest of its kind in the EU, OMV said. German energy concern RWE recently announced that it would supply green hydrogen to its Leuna refinery near Leipzig from 2030. The hydrogen is to be produced in Lingen in north-western Germany, where RWE is constructing a 300MW electrolysis plant set for completion in 2027.
Reuters
6 days ago
- Business
- Reuters
Clariant vows to fight ethylene purchasing lawsuit filed by OMV
May 27 (Reuters) - Switzerland's Clariant (CLN.S), opens new tab said on Tuesday it has received a 1-billion-euro ($1-billion) damages claim by Austrian energy company OMV ( opens new tab alleging infringement of competition law on the ethylene purchasing market. "Clariant firmly rejects the allegation and will adamantly defend its position in the proceedings," it said in a statement. Clariant said it was one of four companies targeted by the claim. ($1 = 0.8791 euros)
Yahoo
6 days ago
- Business
- Yahoo
Clariant rejects OMV's allegations against four companies related to the 2020 competition law infringement
AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LRMuttenz, 27 May 2025 Clariant, a sustainability-focused specialty chemical company, today announced that on 26 May 2025, the company received a claim for damages against four companies, including Clariant, from OMV with the court of Amsterdam, The Netherlands. The claim alleges damages totaling to around EUR 1 billion in relation to infringement of competition law on the ethylene purchasing market which was sanctioned by the European Commission in July 2020. Clariant firmly rejects the allegation and will adamantly defend its position in the proceedings. Clariant has substantiated economic evidence that the conduct of the parties did not produce any effect on the market. CORPORATE MEDIA RELATIONS Jochen DubielPhone +41 61 469 63 63 Ellese CaruanaPhone +41 61 469 63 63 Luca LavinaPhone +41 61 469 63 63 Follow us on X, Facebook, LinkedIn, Instagram. INVESTOR RELATIONS Andreas SchwarzwälderPhone +41 61 469 63 73 Thijs BouwensPhone +41 61 469 63 73 This media release contains certain statements that are neither reported financial results nor other historical information. This document also includes forward-looking statements. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond Clariant's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors such as: the timing and strength of new product offerings; pricing strategies of competitors; the company's ability to continue to receive adequate products from its vendors on acceptable terms, or at all, and to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, including currency fluctuations, inflation and consumer confidence, on a global, regional or national basis. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. Clariant does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials. Clariant is a focused specialty chemical company led by the overarching purpose of 'Greater chemistry – between people and planet.' By connecting customer focus, innovation, and people, the company creates solutions to foster sustainability in different industries. On 31 December 2024, Clariant totaled a staff number of 10 465 and recorded sales of CHF 4.152 billion in the fiscal year. Since January 2023, the Group conducts its business through the three Business Units Care Chemicals, Catalysts, and Adsorbents & Additives. Clariant is based in Switzerland. Attachment Clariant Ad hoc Release_Rejection of OMV Damage Claim 20250527 ENError while retrieving data Sign in to access your portfolio Error while retrieving data
