WOOD Flash – OMV: incident at Schwechat Refinery could cost EUR 200m
Last week, OMV reported that its Schwechat refinery in Austria was damaged in a fire during start up after a maintenance shutdown. The damage is significant and management is planning for a two-month shutdown of the crude unit, its current best estimate. A small number of units, including a much smaller crude unit, will continue operating, but at a much reduced rate. Management has put into place a strategy to ensure that retail customers and the petrochemicals plant do not suffer from supply shortages. Management estimates that a two-month shutdown of the refinery will cost approximately EUR 200m, including both the repairs and the loss of profit. In comparison, the CCS EBITDA from the refining and marketing segment was EUR 1.46bn in 2021. The timing of the shutdown is extremely unhelpful, when refining margins are at extreme highs.OMV is an international energy company with activities in Exploration and Production (E&P), Refining and Marketing including petrochemicals (R&M), and Gas and Power (G&P). Co. explores and develops oil and gas resources and supply energy to over 100 million people. OMV has three operating segments: Exploration and Production (E&P), Refining and Marketing, including petrochemicals (R&M), and Gas and Power (G&P), as well as the segment Corporate and Other (Co&O).
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