By Joshua Stein

OMV AG said Wednesday that it is spending 40 million euros ($48.5 million) on upgrading the cracker units at its refinery in Burghausen, Germany.

The Austrian oil-and-gas company said the investment would allow it to expand the amount of ethylene and propylene it can produce by around 50,000 metric tons every year.

The development will meet the increasing demand for the chemicals in the nearby Bavarian Chemical Triangle and internationally, the company said. The upgraded units will go live in the third quarter of 2022.

Write to Joshua Stein at joshua.stein@wsj.com

(END) Dow Jones Newswires

January 20, 2021 03:47 ET (08:47 GMT)

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