By Patrick Costello

 

OMV AG (OMV.VI) released Thursday a set of sustainability targets the company has set through 2025, including investments in low-carbon energy solutions amounting to hundreds of millions of euros.

The Vienna-based integrated oil and gas company said it will invest 500 million euros ($565.5 million) by 2025 in "innovative energy solutions."

OMV will make investments in its ReOil research-and-development project to convert waste plastics into crude oil as well as in co-processing technologies that improve fuel quality.

Other targets included in OMV's Sustainability Plan 2025 include a 19% reduction in the carbon intensity of its operations by 2025 and a 4% reduction in the carbon intensity of its external product sales.

 

Write to Patrick Costello at Patrick.Costello@dowjones.com.

 

(END) Dow Jones Newswires

November 29, 2018 04:03 ET (09:03 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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