OMV Petrom launches the Sustainability Report for 2021
- 2050 target: net-zero carbon operations
- Almost 11 million euro was spent for social projects in 2021
- OMV Petrom is ranked in the top 3% of the oil&gas producers in Sustainalytics’ ESG Risk Ratings
OMV Petrom, the largest integrated energy company in South-Eastern Europe, has published the Sustainability Report for 2021. The report presents the non-financial performance of the company, in the strategic directions of sustainability: transforming towards a low-carbon future; conducting operations responsibly; caring for people and communities; harnessing innovation and digitalization.
Christina Verchere, CEO OMV Petrom : "2021 was a year when the COVID-19 pandemic continued to disrupt lives, societies and industries. The concerns related to the security of the energy supply have also become more real than ever, highlighting once again the need for a strong and diversified sector. For us, at OMV Petrom, last year was an important one, with the launch of our Strategy for 2030. We are embarking on an ambitious path of transformation for a lower carbon future, with sustainability fully integrated into our business plans."
During the past year, in a ranking made by Sustainalytics, an independent ESG research, rating and analysis agency, OMV Petrom was placed among the top 3% producers of the oil&gas sector in the ESG Risk Ratings, thus confirming the internal standards and non-financial performance of the company.
The sustainability report presents the progress of the company in accordance with the guidelines issued by the Task Force on Climate-related Financial Disclosures.
Transition to a lower carbon future
OMV Petrom recognizes climate change as one of the most important global challenges. Sustainability is an integral part of OMV Petrom's Strategy 2030. It aims to transform the company to contribute to the decarbonization goals, while ensuring uninterrupted energy supply. For the implementation of the strategy, the company will invest approximately 11 billion euro by 2030, out of which 3.7 billion euro will be invested in low and zero carbon energy.
The 2030 strategy also paves the way for carbon neutrality from operations by 2050. The company aims to reduce the carbon emissions from its own operations by 30% by 2030, compared to 2019. Through sustained investments in recent years, the carbon intensity of the company operations decreased by 11% in 2021 compared to 2019.
People and communities
Diversity, inclusion and access to development programs are essential to support the company's ability to innovate. Women presence in the OMV Petrom management positions reached approximately 31%, which shows the company's commitment to diversity.
At the same time, OMV Petrom employees attended over 110,000 hours of training to develop their skills and knowledge.
The company supported with 11 million euro social initiatives in all the communities where it is active, intensifying its effort to improve access to health, education and environmental protection. Regarding the local impact, 90% of the total OMV Petrom's expenditures involved national suppliers.
Innovation and digitalization
Digitalization plays a significant role in the entire value chain of OMV Petrom for simplifying work processes, processing data and improving the customer experience.
The company is constantly striving to reduce paper consumption and has implemented a company-wide electronic archiving system integrated with the electronic signature. In this way, OMV Petrom reduced by over 37% the number of printed documents in 2021.
The report and information about OMV Petrom's sustainability initiatives are available at https://www.omvpetrom.com/ro/sustenabilitate/rapoarte-de-sustenabilitate and you may also check them on the Interactive version of the Sustainability Report.
We inform you that the values of the GHG Intensity indicator in the Upstream segment for the period 2018-2020 were modified, according to the Sustainability Report for 2021. The update also modifies the annual variations of the indicator published in the corresponding Annual Reports and has no financial impact.
In addition, regarding the proved oil and condensate reserves of OMV Petrom as of December 31, 2021 in Romania, we specify that they totaled 258.8 million barrels, as reported in the 2021 Annual Report on page 31 and included in the total proved reserves of oil and gas shown in the 2021 Sustainability Report on page 97. The equivalent in millions of tonnes of proved oil and condensate reserves is 36.0 million tonnes, not 258.8 million tonnes, as it was published in the 2021 Annual Report.
About OMV Petrom
OMV Petrom is the largest integrated energy company in South-Eastern Europe, with an annual Group hydrocarbon production of approximately 47 million boe in 2021. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency power plant. The Group is present on the oil products retail market in Romania and neighboring countries through more than 780 filling stations under two brands – OMV and Petrom.
OMV Petrom shares are traded on the Bucharest Stock Exchange and the London Stock Exchange. OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51% stake in OMV Petrom. The Romanian State, through the Ministry of Energy, holds 20.6% of OMV Petrom shares, and 28.4% is owned by natural and legal persons.
OMV Petrom is the largest contributor to the state budget, with approximately 35 billion euro in taxes and dividends paid between 2005 and 2021. During the same period, the company invested approximately 17 billion euro.
Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2021, the company has allocated over 80 million euro to develop communities in Romania, focusing on environmental protection, education, health, and local development.
On July 29th, 2020, OMV Petrom announced its support for the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD) regarding risks and opportunities on climate change.