OMV’s Downstream business refines and markets fuels, chemicals, and gas. It operates three inland refineries in Europe and holds a strong market position within the areas of its refineries, serving a strong branded retail network and commercial customers. In the Middle East, it owns 15% of ADNOC Refining and ADNOC Global Trading. In 2020, OMV increased its share in Borealis to 75%, strengthening its chemical business and extending the value chain into polymers. In gas, OMV is active along the entire gas value chain.

At a glance










Clean CCS Operating Result 1

in EUR mn




thereof petrochemicals

in EUR mn




thereof Borealis 2

in EUR mn




thereof ADNOC Refining & Trading

in EUR mn




thereof gas

in EUR mn




Special items

in EUR mn




CCS effects: Inventory holding gains/(losses)

in EUR mn




Operating Result

in EUR mn




Capital expenditure 3

in EUR mn









OMV refining indicator margin 4

in USD/bbl




Ethylene/propylene net margin 4, 5

in EUR/t




Utilization rate refineries





Total refined product sales

in mn t




thereof retail sales volumes

in mn t




thereof petrochemicals

in mn t




Natural gas sales volumes

in TWh




Note: As of Q1/20, the reporting structure of the Downstream Business Segment was restructured to comprehensively reflect the operations of the Downstream business. For comparison only, figures of previous periods are presented in the same structure.


Adjusted for special items and CCS effects; further information can be found in Note 4 – Segment Reporting – of the Consolidated Financial Statements


Borealis was fully consolidated in OMV’s financials following the closing of the acquisition of the additional 39% stake on October 29, 2020.


Capital expenditure including acquisitions; notably the acquisition of an additional 39% stake in Borealis in Q4/20 for USD 4.68 bn and the purchase of a 15% stake in ADNOC Refining and Trading joint venture for USD 2.43 bn in Q3/19


Actual refining and petrochemical margins realized by OMV may vary from the OMV indicator refining margin, the ethylene/propylene net margin, and the market margins due to factors including different crude oil slate, product yield, operating conditions, or feedstock.


Calculated based on West European Contract Prices (WECP) with naphtha as feedstock

Financial performance

At  1,514 mn, the declined by 10% compared to the same period of the previous year (2019: EUR 1,677 mn). Negative effects of COVID-19 on demand as well as on refining margins could not be fully offset by a strong natural gas and retail business and a significant positive contribution of margin hedges. OMV Petrom’s input to the clean Operating Result of Downstream amounted to EUR 448 mn (2019: EUR 387 mn).

The OMV refining indicator margin declined by 45% to  2.4/ (2019: USD 4.4/bbl), primarily due to the negative effects of the COVID-19 pandemic. Substantially lower middle distillate and lower gasoline cracks following a weak macro environment put considerable pressure on refining margins. Lower feedstock costs, a result of lower crude oil prices, and improved heavy fuel oil and naphtha margins could not offset these effects. In 2020, the utilization rate of the refineries reached a resilient level of 86% (2019: 97%) despite the imposed lockdown measures related to COVID-19. At 17.8 , total refined product sales volumes were down by 15%, following lower demand as a result of imposed travel restrictions. The commercial business experienced lower sales volumes, in particular demand for jet fuel dropped sharply, while margins in the commercial business remained stable. The result in the retail business increased despite a reduction of 10% in retail sales volumes, following higher margins and a larger share of premium fuels.

The contribution of the petrochemicals business declined by 7% to EUR 224 mn (2019: EUR 241 mn) mainly as a consequence of lower petrochemical margins, which were partially offset by slightly higher petrochemical sales volumes. The ethylene/propylene net margin contracted by 8%. While the butadiene net margin weakened considerably, benzene net margin decreased to a lesser extent.

The contribution of Borealis slightly decreased to  300 mn (2019: EUR 314 mn). Following the acquisition of an additional 39% stake on October 29, 2020, the Borealis result was fully consolidated for the last two months of 2020. The effect from the full consolidation was offset by a weaker market environment, sizeable negative inventory effects as a consequence of this, and unplanned outages at the Stenungsund and Porvoo crackers. While polyolefin margins remained at a healthy level, polyolefin sales volumes slightly increased due to higher sales in the packaging sector, partially offset by lower sales in the automotive sector. The fertilizer business declined following a solid performance in 2019, mainly as a result of weaker margins and operational issues in Q4/20. The contribution from Borouge was down slightly mainly due to weak market conditions in Asia in the first half of the year.

In 2020, the contribution of ADNOC Refining & Trading came in at EUR (107) mn (2019: EUR 8 mn). As of Q1/20, the ADNOC Refining & Trading result is calculated based on Current Cost of Supply (CCS) and excludes inventory holding gains/losses. The adverse market environment in 2020 weighed on the result. In addition, the result was negatively impacted by an extensive turnaround of the Ruwais refinery complex, which started at the beginning of February and lasted into Q2/20. Despite challenging market circumstances, ADNOC Global Trading was successfully launched at the beginning of December.

The contribution of the gas business grew by 73% to EUR 337 mn (2019: EUR 194 mn) mainly as a consequence of the substantially improved power business in Romania as well as the greatly improved performance of the storage business and lower depreciation. Gas Connect Austria is reclassified as an asset held for sale. The power business in Romania provided strong support thanks to favorable forward contracts, increased revenues from the electricity balancing market, and a one-off revenue recovery stemming from a 2019 power price regulation. Natural gas sales volumes rose significantly from 136.7  to 164.0 TWh, driven by higher sales volumes in Germany, the Netherlands, Belgium, and Austria.

Net amounted to EUR 1,071 mn (2019: EUR 31 mn). With the closing of the Borealis transaction, OMV realized a step-up in the valuation of the previous 36% share in Borealis and booked a special item of around EUR 1.3 bn. CCS effects of EUR (425) mn were caused by the sharp drop in crude oil prices in the first half of 2020. As a result, the Operating Result of Downstream increased by EUR 313 mn to EUR 2,160 mn (2019: EUR 1,847 mn).

Capital expenditure in Downstream amounted to EUR 4,930 mn (2019: EUR 2,774 mn) and was mainly related to the acquisition of an additional 39% stake in Borealis for USD 4.68 bn. In 2019, capital expenditure included the acquisition of a 15% stake in ADNOC Refining and Trading Joint Venture for USD 2.43 bn. Organic capital expenditure in 2020 was predominantly related to investments in the European refineries and in Borealis.

Clean CCS Operating Result
Operating Result adjusted for special items and CCS effects. Group clean CCS Operating Result is calculated by adding the clean CCS Operating Result of Downstream Oil, the clean Operating Result of theother segments and the reported consolidation effect adjusted for changes in valuation allowances, in case the net realizable value of the inventory is lower than ist cost
CCS/CCS effects/inventory holding gains/(losses)
Current Cost of Supply; inventory holding gains and losses represent the difference between the cost of sales calculated using the current cost of supply and the cost of sales calculated using the weighted average method after adjusting for any changes in valuation allowances in case the net realizable value of the inventory is lower than its cost. In volatile energy markets, measurement of the costs of petroleum products sold based on historical values (e.g. weighted average cost) can have distorting effects on reported results (Operating Result, net income, etc.). The amount disclosed as CCS effect represents the difference between the charge to the income statement for inventory on a weighted average basis (adjusted for the change in valuation allowances related to net realizable value) and the charge based on the current cost of supply. The current cost of supply is calculated monthly using data from supply and production systems at the Downstream Oil level
US dollar
Barrel (1 barrel equals approximately 159 liters)
Metric ton
Terawatt hour
Special items
Special items are expenses and income reflected in the financial statements that are disclosed separately, as they are not part of underlying ordinary business operations. They are being disclosed separately in order to enable investors to better understand and evaluate OMV Group’s reported financial performance