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OMV Petrom launches the sustainability report for 2021: 11 million Euro on social projects

BLACK SEA
OIL & GAS

OMV Petrom launches the sustainability report for 2021: 11 million Euro on social projects

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. - thediplomat

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.

Christina Verchere, CEO, OMV Petrom

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 percent 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 percent by 2030, compared to 2019.  Through sustained investments in recent years, the carbon intensity of the company operations decreased by 11 percent 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 percent, 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 percent 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 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 percent the number of printed documents in 2021.

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