Austrian giant OMV is pivoting its business towards petrochemicals, choosing a different energy transition strategy compared to its European peers, according to analysts, with deals to capture and utilise CO2 on an industrial scale and plans for solar photovoltaic (PV) projects.

OMV has already been pushing its portfolio towards gas rather than oil amid its easy links to renewables and hydrogen.

The Vienna-based company said last month it is planning to bring on stream more gas projects this year and reduce CO2 emissions across its portfolio in the process.