VIENNA (Reuters – Austria’s OMV is preparing plans to seperate into separate chemicals and energy businesses, Kurier newspaper reported. Kurier added that OMV’s board has not made a decision yet on the matter.

The spokesperson for OMV declined to comment. He said that OMV is currently working on a new corporate plan and would present it in the first quarter 2022.

Kurier reported that the task force was working on the project for approximately four weeks. It still had to coordinate with OeBAG, Austria’s state-owned holding company OeBAG shareholders and Mubadala Abu Dhabi.

OMV Friday reported stronger-than-expected third quarter results, thanks in part, to its chemicals and material division. It is centred around its 75% stake at Borealis, where Alfred Stern was once boss.

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

According to Kurier’s plan, Borealis would continue to be central to the new OMV, “OMV Chemicals”, along with three refineries, petrol stations and petroleum stations.

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 could buy 25% more of Borealis in Mubadala from Mubadala, according to the paper.

In five to six years, both companies could grow as large as OMV in today’s world. Kurier stated that jobs would not be lost and that both headquarters would stay in Vienna.

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