OMV to invest around Eur230 mln in butadiene plants at refineries

Austrian oil and gas company OMV AG has set aside around 230 mln euros (US$301.4 mln) for a new butadiene plant for the Burghausen refinery in Germany and upgrade of the existing plant in Schwechat, Austria, as per Dow Jones. The extended butadiene plant in Schwechat is expected to start operations in June 2014, while the operational start of the new construction in Burghausen is planned for the second quarter 2015. "We are investing in these facilities in order to build on the synergies from our sites in Burghausen and Schwechat as regards petrochemicals. By optimizing our production portfolio we gain a significant additional increase in earnings potential and can improve our competitive position long-term," Manfred Leitner, OMV executive board member responsible for refining and marketing, said. "We are convinced that we can exploit economies of scale and synergies between the two refineries as regards the planned extension and new construction at the butadiene plants at our Schwechat and Burghausen sites. In future these two sites will enable OMV to cover around six percent of total butadiene production in Europe," he added.
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