VIENNA (Reuters). -Austria’s OMV was preparing plans to separate into separate energy/chemical businesses, Kurier newspaper reported Saturday. Kurier added that OMV’s board has not made a decision yet on the matter.

An OMV spokesperson refused to comment on this report. The source of the report was unknown. However, he stated that OMV was currently developing a new corporate strategy and it would be available in the first quarter 2020.

Kurier stated that a task team had worked for the project for 4 weeks. However, coordination was still required with OeBAG’s Austrian state holding company OeBAG and shareholders Mubadala Abu Dhabi.

OMV Friday reported better than expected third quarter results due in part to its chemicals & materials division. It is centred around its 75% stake at Borealis. Alfred Stern was OMV’s former boss.

Stern stated that the new strategy would be focused on sustainability.

Kurier reported that Borealis and three other refineries and petrol stations would be kept central in the proposed OMV “OMV Chemicals” plan.

A separate company would take over the group’s energy production and exploration operations as well as projects related to renewable energy. According to the report, OMV will sell its majority stake to private equity firms.

The newspaper reports that OMV may raise between 6 and 8 billion euros ($9.25 to $9.25 billion) to finance its energy business, which will allow it to invest in petrochemicals.

Johann Pleininger, veteran head of OMV Exploration & Production, could run the energy company, it added.

OMV might buy 25 percent of Borealis remaining from Mubadala at an estimated $3 billion to $4 billion, said the paper.

The potential for both businesses to grow in the next five-to six years is as great as OMV’s today. Kurier stated that jobs would not be lost and that both headquarters would stay in Vienna.

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