37 – Subsequent events

On February 3, 2021, the Supervisory Board of OMV Aktiengesellschaft has approved a reorganization of the OMV Group involving splitting and expanding the current area of Refining & Petrochemical Operations into two areas: Refining & Marketing and Chemicals & Materials. This structural change facilitates the forward integration in the chemicals sector that has been underway ever since OMV acquired a majority stake in Borealis. With this change, OMV is consistently positioned across the entirety of its expanded value chain and can bundle all relevant responsibilities for petrochemicals and chemicals in a single board division.

The OMV Supervisory Board has appointed Alfred Stern (56) as Executive Board member for Chemicals & Materials.

The changes to the OMV corporate structure and the new Executive Board appointment will take effect as of April 1, 2021.

Following the reorganization of the OMV Group, starting with Q1/21 OMV will change its reporting structure. The Business Segments will be reported as follows: Exploration & Production, Refining & Marketing, and Chemicals & Materials.

On February 4, 2021 OMV has announced a divestment package with following two divestments:

The divestment of OMV’s business in Slovenia, where OMV currently operates 120 filling stations under the OMV, Eurotruck, Avanti and Diskont brands. With its limited integration within the Downstream oil value chain, the divestment of this business represents a further step in OMV’s portfolio optimization.

OMV’s subsidiary Borealis has decided to start a process of divesting its nitrogen business unit including fertilizer, technical nitrogen and melamine products. The company’s share in fertilizer production sites in The Netherlands and Belgium (“Rosier”) is not presently being considered within the potential sales process. Borealis will continue to focus on its core activities of providing innovative solutions in the fields of polyolefins and base chemicals, thus extending OMV’s value chain towards higher value chemical products and the transformation towards a circular economy.

On February 5, 2021 the Supervisory Board of Borealis has appointed Thomas Gangl (49) to the position of Chief Executive Officer of Borealis AG. He will take over the role from Alfred Stern, effective April 1, 2021. Thomas Gangl is currently member of the OMV Executive Board and responsible for Refining & Petrochemical Operations.