From gas in Russia to China-bound plastics, Austria's OMV shifts focus for growth - Reuters

From gas in Russia to China-bound plastics, Austria's OMV shifts focus for growth - Reuters:

After years of largely banking on low-cost Russia for growth, OMV is shifting attention towards the Middle East as its chemist chief executive chases his vision of making the Austrian oil and gas group a major supplier of plastics.

OMV boss Rainer Seele has spent more than 4 billion euros ($4.5 billion) - 40% of the group’s M&A budget until 2025 - for oil and gas concessions in the region, a 15% stake in Abu Dhabi National Oil Co’s (ADNOC) refining business and a to-be-formed trading joint venture with ADNOC and Italy’s Eni. 

“We want to have a fully integrated business model in Abu Dhabi - from the well via the refinery and the petrochemicals all the way to marketing and trade in international markets,” the chief of Austria’s second-largest listed company told shareholders last month.