OMV creates company for 'future energy'

By OGJ editors
HOUSTON, June 16 -- OMV AG established a separate company, OMV Future Energy Fund, to identify renewable energy projects.

The new company will research future energy supplies and initiate related projects, OMV said. Escalating oil demand, the finite supply of fossil fuels, and concerns about climate change prompted the move, it said.

OMV Chief Executive Officer Wolfgang Ruttenstorfer said, "It is our intention to facilitate the transformation from a pure oil and natural gas group into an energy group whose portfolio includes renewable energies." He listed biogas, geothermal energy, and hydrogen as potential key businesses.

OMV said it is launching the new company with more than €100 million.