[Foreign Language]
Good morning, ladies and gentlemen, and a cordial welcome to our Annual Earnings Call, press conference of OMV AG, that is held virtually from Vienna. Thank you very much for your participation. My name is Sylvia Shin. I'm the Head of Corporate Communication. At first, I would like to welcome our CEO, Alfred Stern, who's going to open the press conference with a keynote statement. In the ensuing Q&A, our entire executive board is looking forward to your questions. I will ask the gentlemen to join us later. We have a press conference in German with simultaneous interpretation into English. Now, without further delay, I would like to hand over to Alfred Stern. Alfred, over to you.
Thank you, Sylvia. Good morning, ladies and gentlemen, and a cordial welcome to our annual press conference. I'm delighted to welcome you online from our head office in Vienna. Today, we are presenting our results for the past financial year, 2025. Before we look at the business performance in detail, I would like to start with some positive news. In a difficult environment, we have operated at a healthy profit, even though we did not quite match the strong results of the previous year, 2024. The year 2025 was marked by ongoing economic uncertainty worldwide. The return of far-reaching trade conflicts, in particular, the introduction of comprehensive tariffs by the United States and the resulting countermeasures by China. In many industries, this led to a lot of pressures. At the same time, multiple regional crises exacerbated the geopolitical situation.
In addition to the ongoing war in Ukraine and increasing tensions in the Middle East, new conflicts, such as in Venezuela, contributed to the instability of the international security situation. Extreme weather events affected production and transport routes worldwide. This highlighted the structural vulnerability of global supply chains. Despite significant declines in inflation rates compared to previous years, inflation remained above the long-term average in many regions. All of this presented challenges for companies worldwide, including us. 2025 demonstrated the importance of resilience and a clear strategic direction for OMV. Despite the challenging environment, owing to our integrated structure, we could respond flexibly to new circumstances. At the same time, we consistently drove forward our transformation. This is how we strengthen our resilience and successfully position OMV in the international market.
In 2025, falling commodity prices once again shaped our business, even though price levels normalized somewhat after the extreme fluctuations of previous years. The average Brent price was at $69 per barrel. That was 14% down from 2024. The THE gas price, however, rose by 8% to an average of EUR 37 per megawatt-hour. The developments in the refineries, due to the reorganization of supply chains caused by extensive sanctions packages and the transformation in mobility, continued to show a high level of volatility. The OMV refinery indicator margin in Europe reached $10.1 per barrel. This is above the previous year's value of $7.1, primarily due to higher middle distillate margins. At the same time, the utilization rate of European refineries rose slightly to 89%.
In the polyolefins business, the market environment remained subdued, also in 2025. The Polyethylene Indicator Margin in Europe rose by 7% to EUR 461 per ton. This was supported by geopolitical uncertainties, including possible EU tariffs on U.S. imports. The indicator margin for polypropylene, however, fell by 10% to EUR 361 per ton due to weaker demand and persistent import pressure. This brings me to a subject that is very close to my heart: energy. Energy is the lifeblood of our lives, of our economy and our industry. A secure energy supply is something that concerns us all. Here at OMV, with our fully diversified gas portfolio, we are doing better than ever before. We are using our own gas production in Norway and Austria, as well as gas volumes of third parties in Norway.
In addition, we have agreed long-term deliveries of liquefied natural gas, known as LNG, with our partners. With our wide range of products and services, we fulfill our responsibilities, both in our home market and also internationally. We are a reliable supplier of affordable energy for our customers. That is also evidenced by taking a look at our OMV gas storage here in Austria. Our gas storage is filled to a level of 46%. As far as the current gas supply situation in Europe is concerned, we see a mixed picture. This year's storage levels are significantly below last year's levels, but they're still within the five-year average. The storage facilities in the European Union are currently around 44% full. In Germany, it's 35%, and in Austria, the filling level is 48%.
The current low levels are primarily a result of the cold weather in recent weeks and the associated high withdrawals. Last winter, we also had to withdraw less gas, as Russian gas flows were still available via the Baumgarten hub at that time. How the situation will develop will depend largely on how the rest of the winter progresses. From today's perspective, however, we assume that storage levels at the end of the heating season will be significantly lower than last year. What this means for the gas markets is very low storage levels, which increase the need for storage in summer, which is a fundamentally price-driving effect. At the same time, the storage targets are now more flexible than they were last year. In our view, an EU-wide strategic gas reserve mechanism, instead of rigid filling requirements, would be the more efficient solution.
European markets are closely interconnected, and the global LNG market is currently liquid, and we expect additional capacities to become available in the coming years. With its diversified gas portfolio, OMV contributes to the stability and security of supply with natural gas. Ladies and gentlemen, this takes me to the cumulative results for the year 2025. Last year, the OMV Group created a Clean CCS Operating Result of around EUR 4.6 billion. Even though the Clean CCS Operating Result is about 10% below the strong previous year's value, it is a very robust result, given the economic and the market situation. A group-wide cash flow from operating activities last year amounted to EUR 5.2 billion. As a result of this robust cash flow, the company's leverage ratio, including leasing liabilities, is at a low 14%.
This is a reflection of our financial strength and forms the basis for our attractive dividend proposal, which I will now explain. The executive board, based on the company's earnings power, has decided to propose a regular dividend of EUR 3.15 per share to the supervisory board and the annual general meeting. In addition, there will be an additional dividend of EUR 1.25 per share. Over the past four years, we increased our regular dividend by more than 30%. In addition, in the fourth year, we are also paying out our additional dividend. So overall, we want our shareholders to participate in the company's success with a total amount of EUR 4.40 per share. I would now like to explain the results in our three business areas, which together make up the integrated business of OMV.
I will begin with the business segment, energy. The Clean CCS Operating Result in 2025 fell to EUR 2.71 billion. This was primarily due to negative market effects and a lack of positive one-off effects from the gas marketing and power business of 2024. The exploration and production business was adversely affected by lower oil prices and exchange rate developments. Higher gas prices could only partially compensate for this. Lower liftings in Norway and the lack of sales volumes from the divested Malaysian assets also impacted earnings. Total production recorded an overall decline by 7% and amounted to 305,000 barrels of oil equivalent per day, adjusted by the sale of our assets in Malaysia, the decline in production in 2025 was, however, only 2%.
Our average production costs were at $10.6 per barrel of oil equivalent. Ladies and gentlemen, we are working on innovative projects that contribute to our mission statement, reinventing the essentials for sustainable living. In 2025, we once again achieved major milestones in all three of our business segments. Here are a few examples from the area of energy. Our gas development project, Neptun Deep, is operated by OMV Petrom and ROMGAZ jointly, and it's a real game changer for Romania and for Europe. With an expected annual production of around 8 billion cubic meters, Neptun Deep will make Romania the biggest natural gas producer in the European Union. The Neptun Deep project meets the latest standards and will have 8 times lower CO2 emissions than comparable projects.
Already today, the necessary infrastructure is in place in order to ensure that we can supply the gas also to neighboring countries such as Hungary, Bulgaria, and Moldova, and to contribute to the security of supply of the European markets. Some initial contracts with strong partners have already been signed. When it comes to implementation, OMV Petrom is also consistently on schedule. Since the final investment decision was taken in mid-2023, over 90% of the budget has already been allocated. The drilling rigs were taken to Romania, and the first wells were successfully drilled last year. Neptun Deep, thus, will not only change the energy landscape of Romania, but will strengthen Europe's energy independence in a sustainable way. According to the valid implementation plan, production is scheduled to start in 2027.
At the same time, in the Bulgarian part of the Black Sea, we are developing further potential for the future regional energy supply. With the exploration wells drilled in the Han Asparuh field, we just recently started at OMV Petrom with Vineh-1, the first drilling point, which is about 200 kilometers east of Varna, at a depth of about 2,000 meters below sea level. The investment volume is set around EUR 170 million. Our experiences gained with Neptun Deep are an important factor of success. Two rigs are simultaneously in action, one off the Bulgarian coast, one off the Romanian coast. This demonstrates our operational strength and our ability to safely implement complex offshore projects. In addition to our traditional business, we are also increasingly investing in climate-neutral forms of energy.
Thus, OMV Petrom has the goal to become the leading company in terms of the energy transition in Southeastern Europe. Already today, we have a strong portfolio of projects that are based on renewable energy sources. Plants with a capacity of 70 megawatts have already gone online. Further projects with about 900 megawatts are currently under construction. An important step in the regional expansion of OMV Petrom last year was the acquisition of a 50% stake in the photovoltaic project, Gabare, in Bulgaria. With an expected annual production of around 400 megawatts, Gabare is among the biggest solar energy projects in Bulgaria. The plant will be equipped with innovative, latest generation solar modules in order to maximize energy yield. There's another good example, namely our geothermal joint venture, deeep.
In 2025, we completed the production test consisting of three deep wells that were drilled in Wien Aspern, which is about eight kilometers away from the OMV head office. In 2028, the heating demand of 20,000 Vienna households will be covered in a climate-neutral way with district heating. In the medium term, 200,000 households will be supplied with this innovative technology. I am proud that in the case of deeep, we can draw on our engineers' decades of experience. They are familiar with the geology of the Vienna Basin and have many years of experience in exploration and production. We are now using this expertise in order to reduce CO₂ emissions with the help of the deeep project and to offer an energy solution for a sustainable future. Geothermal energy provides heat around the clock, regardless of the weather.
This increases security of supply and supports the diversification of energy sources, d eeep geothermal energy is an important pillar of our strategy, even beyond Vienna. This takes me to the segment of fuels. The Clean CCS Operating Result rose to EUR 1.12 billion. This can be attributed to higher Refining Indicator Margins. Our OMV Refining Indicator Margin in Europe rose to $10.1 per barrel. We also saw a positive picture in terms of the utilization rate of our European refineries. In 2025, it rose by another 2% to a total of 89%. This higher capacity utilization of the Schwechat Refinery more than compensated for the planned shutdowns in Petrobrazi and Burghausen in 2025. For the 2025 financial year, I would like to particularly highlight the significant progress we have achieved in the area of green hydrogen.
In May, we reached a milestone with the commissioning of the new 10-MW electrolysis plant in the Schwechat Refinery. With a production capacity of up to 1,500 tons of green hydrogen per year, it is the biggest plant of its kind in Austria. It contributes significantly to the supply of the refinery in Schwechat with green hydrogen, and it contributes to the decarbonization of fuels. Furthermore, in 2025, with Masdar, we agreed to form a joint venture for the development and operation of our 140-MW electrolyzer in Bruck an der Leitha. It will be one of the largest green hydrogen production facilities in Europe. And here, too, we will only use the green hydrogen in our refinery in Schwechat. The commissioning is scheduled for 2027.
The plant will produce around 23,000 tons of green hydrogen annually and will save 150,000 tons of CO2. We are investing a mid-range three-digit million EUR amount for this purpose. In addition, the Republic of Austria is supporting the project to the tune of EUR 123 million. We are going to show you how our green hydrogen projects work with a short video.
Hydrogen is indispensable in the production of fuels and chemicals, but today, most of it is derived from natural gas, driving significant CO2 emissions. Green hydrogen changes the equation. Produced via electrolysis, powered by renewable energy, it delivers the same industrial utility with a fraction of the carbon footprint. Since April 2025, we've been producing our own green hydrogen at the Schwechat Refinery, one of the first globally to deploy advanced electrolysis at industrial scale. With 10 MW of capacity, it stands as Austria's largest facility of its kind, and we're scaling with intent. A new 140-MW plant, currently under construction and supported by EUR 123 million in funding, is expected to reduce CO2 emissions by 150,000 tons annually. Two additional 55-MW projects are planned in Romania, extending our footprint across Europe.
As a frontrunner in green hydrogen, we're not just delivering the fuels and chemicals the world relies on, we're reinventing them for sustainable living.
In the chemicals business, in 2025, we increased our Clean CCS Operating Results by EUR 325 million to a total of EUR 784 million. This was to be attributed primarily to the reorganization of Borealis. We got also additional support from improved olefin margins. Our own steam crackers in 2025 had a capacity utilization of 82%, slightly lower than in the previous year, but around 10% above the European average. In 2025, we managed to increase sales volumes in polyolefins by around 3%. Already in the previous year, we had increased the sales volumes by around 10%. Here at OMV, we are convinced the chemical sector, in view of the growing world population and increasing prosperity, has a great market potential. Our company is well-prepared for these market opportunities with innovative products.
Here at OMV, we are proud of our solutions for the circular economy. The basic idea behind this is that we convert waste into valuable raw materials.... One example for this in the area of chemicals is the successful commissioning of our ReOil plant in Schwechat. This enables us to process the previously non-recyclable waste plastics that would otherwise end up in landfills or in incinerators. With the help of our patented ReOil technology for chemical recycling, this waste is converted into valuable secondary raw material, pyrolysis oil. This pyrolysis oil serves as a raw material for the production of base chemicals, which are used in numerous high-quality products in the chemical industry. The chemical recycling of the ReOil technology is an excellent addition to existing mechanical recycling technologies.
With this new plant, we can process around 16,000 tons of plastic waste, and thus save 34% of CO2 emissions. Another example of how we are driving innovation and sustainability forward in concrete terms is the new state-of-the-art polypropylene compounding plant of Borealis in Schwechat, which is to come online in the second half of 2026. During compounding, polypropylene granulates are enhanced with additives, glass fibers, or recycled materials to form special compounds that are particularly durable, heat-resistant, or particularly lightweight. These innovative materials are used in key industries. For example, in durable consumer goods or in electric vehicles, where they can increase the range of the vehicles and enable higher recycling rates. They can also be used in infrastructure, such as protective coatings for high-temperature pipelines. For this, Borealis invests around EUR 100 million.
This was the third major investment within a year, and a visible proof of the strong expertise in the area of circular solutions that we have built up over recent years. Of course, the founding of Borouge Group International plays a big role for our chemicals business. It is proceeding according to plan and confirms the strategic importance of this step for the future of OMV. With a participation of 46.9% in the new company, together with ADNOC, we create one of the biggest polyolefin suppliers worldwide. This partnership stands for strength, scalability, and global competitiveness. The preparations for the integration of Borealis, Borouge, and Nova Chemicals is in full swing. Most of the approvals are in place, and the synergy planning has been completed. The next step is to appoint the supervisory board and the management before we expect to close the deal during this quarter.
This opens up completely new market opportunities for OMV. Borouge Group International provides access to cost-advantaged feedstock and to larger markets, combined with the innovation and the technological strength of Borealis. We are convinced that the new company will realize substantial synergies. It will benefit from dynamically growing regions and deliver attractive cash returns. In short, this integration strengthens our global position in the long term, and it is a crucial building block on our journey for OMV to become even more resilient, more profitable, and more international in the long term. Finally, I would like to provide you with the outlook for the year 2026 as a whole. For 2026, we expect an average Brent oil price of around $65 per barrel. For wholesale gas prices, we expect the average THE price to be over EUR 30 per megawatt hour.
The average realized gas price of OMV is estimated to be at around 30 EUR per megawatt hour. The expected Refining Indicator Margin for Europe will be at around $8 per barrel for the full year. In the chemicals business, we assume a value of EUR 550 per ton for the Ethylene Indicator Margin in Europe. The Propylene Indicator Margin in Europe is estimated to be around EUR 420 per ton. The year 2025 had been a year of clear decisions for OMV. In November, during the Capital Market U pdate, we refined our strategic course and thereby laid the foundation for the consistent continuation of our company's transformation. Our priorities are value creation, resilience, and sustainable growth. This also includes flexibly adapting to sustainable initiatives, to invest in sustainable initiatives, to changing market conditions in order to reduce risks.
We are managing our transformation in an agile manner, guided by our customers' expectations, regulatory requirements, and the maturity of new technologies. A central pillar of our strategy is the significant increase of free cash flows up to 2030, in order to finance our transformation and to secure our growth path. Among the most important growth drivers are Borouge Group International and our gas portfolio, especially Neptun Deep in the Black Sea. It is obvious that gas will be needed for longer and in bigger amounts and volumes than originally expected. This is a development that constitutes an attractive growth opportunity for us. It is our goal to reach a total production of 400,000 barrels of oil equivalent per day until 2030. In this, we are also benefiting from the growing demand for AI data centers, which is leading to a significant increase in energy consumption.
At the same time, we are investing decisively in future technologies, such as chemical recycling, geothermal energy, and sustainable fuels. All these steps show that we are transforming OMV with determination and with the aim of providing stability and a sense of direction, even in a turbulent environment. Ladies and gentlemen, we are on track. We are working hard to establish OMV as a leading integrated company for sustainable energy, fuels, and chemicals. Our integrated business model proved its worth in 2025. All business areas are making a positive contribution to the result. Our cash flow is stable and finances our growth projects and shareholder-friendly dividend policy. Our balance sheet is strong, and our debt ratio is low. With a fully diversified gas portfolio, we are in an excellent position, and we can guarantee the security of supply for our customers.
Borouge Group International is a milestone in our value creation strategy in the area of chemicals, and we are looking forward. We are seizing the opportunities that come our way, and we will continue to drive forward our innovation projects also in 2026. Thank you very much.
All right. Thank you very much, Alfred. Now, we have the Q&A, and I would like to welcome the other board members. Let us start with Reinhard Florey, our CFO; Berislav Gašo, Executive Vice President for Energy; and last but not least, Martijn van Koten, Executive Vice President for Fuels and Chemicals. A cordial welcome. All right, so let us now start directly with your questions. And I forgot to mention, you can ask, of course, questions in German and in English. So if you ask your questions in English, we will also answer them in English.
All right, the first question comes from Reuters.
C ompletion of the merger between Borouge and Borealis due this quarter, would you have a clearer time frame of when the merged company would be listed in Vienna, please?
Start up.
Yeah, Dutch, English?
In English, please.
Okay, so I'll answer in English immediately. The expectation is that we need the couple of quarters to consolidate the companies, create all the synergies, create all the market opportunities, and then be able to list first in Abu Dhabi, later on in Vienna. So this has a couple of steps. Step to have the listed company, Borouge, then lifted up into the listed company of Borouge Group International. The second step would be to also list this company under MSCI index, which will reflect a much broader investment opportunity. And the third step is to bring it to Vienna. We expect that to happen in 2027, probably at the later end.
According to what the market holds for the chemical industry, we will definitely go in that direction, and we'll be proud to have this company also listed in Vienna.
Vien Dang.
Thank you very much, Reinhard. The next question comes from Günther Strobl from Der Standard, a newspaper. Actually, two questions: Which decision taken in 2025 will mark OMV the strongest in the long term? How much gas is currently coming from Norway, and why is there a slight decline in production? And the next question: Where is OMV at, at the beginning of 2026, in terms of attaining its own decarbonization goals?
Well, actually, it's three questions. I'll start by answering the first question, then I'll hand over to Berislav to answer the second question, and maybe Reinhard can help us out with the CO2 targets. Okay, so 2025, the most important decision we took in 2025 is the agreement with ADNOC to set up Borouge Group International.
In light of the development in the chemicals industry, in the medium to long term, we see a higher growth opportunity there. But there's also large capacities. This is why it makes sense to take this extremely important step to form a large player in this field, where we have 70% of the production with cost-advantaged raw materials and feedstock, and very innovative products in Borealis portfolio. So this will give us a strong market position, will allow us to move forward. And in the final analysis, the agreement that Borouge Group International will pay a minimum dividend of $2.2 billion, 100% of which this 46.9% will go to OMV. This, of course, constitutes an important step for us. Barry, would you like to answer the second question?
Yes. How much gas is coming from Norway? That's about 20 terawatt-hours from our own production, and this slight production decline last year is primarily due to the divestment of the Malaysian assets. So if you account for that, the production decline was only 2% compared to the previous year. Yes, and I would like to talk about the question of decarbonization. We are very proud that we are consistently pursuing this decarbonization journey. We are on target to reaching our 2030 goals. We are even slightly ahead of our goals, so this 25% reduction in terms of CO2 emissions will be supported by projects in upstream, where we have more gas and oil, where we produce more sustainable energy, and also in the aero fuels, where we are making major investments that will help reduce CO2 emissions.
We are fully on track there.
Okay, thank you.
Stuart Elliott from S&P Global Platts. The question is: Is OMV concerned in general about the low level of gas storage in Europe? And I would like to invite Barry to respond.
Yeah, thank you. I think we see a somewhat differentiated picture this year compared to last year. The average European storage levels are, at the moment, at 44%. That's roughly 12 percentage points lower than what we've seen the year before. When we dive even a level deeper, there's an even more differentiated picture. Germany is, for instance, at 35 versus 58 last year. Austria, for instance, at 48 versus 64 last year. Overall, what are the drivers behind that lower or these lower storage levels? Of course, the cold weather that everybody is witnessing is one of the key reasons. And the second is that to some extent still huge available quantities of Russian gas were available in the fourth quarter, 2024, which makes that comparison somewhat distorted.
A lot of that volume disappeared actually in the meantime from the market. At OMV, we are not worried about the gas storage levels at this point in time. We believe that the European market is properly balanced. We believe also that another cold spell, if it comes, can be balanced from the quantities that today are still in our storages and from the LNG import capacities and regasification capacities that are around in Europe. Storage fillings end of March are though expected to be significantly lower than what we have seen, for instance, last year, but still somehow in the average of the past five years.
Thank you, Barry. We have-
Then there's another follow-up question by Anne Swetly, a freelance journalist. How is the price of natural gas in Austria going to change in light of the cold winter in 2025 and 2026? Maybe a question for Barry.
Well, I don't think that the gas price will change very much. Should there be a second or third cold spell, of course, we may have to import some further LNG volumes, and there might be a slight price spike, but we don't expect any dramatic price increases as far as this winter 2025-2026 is concerned.
Okay, thank you.
The next question comes from Klaus Fischer, from Energie & Management. Will the decision of the European Union to stop the import of Russian gas in 2027 improve the security of supply?
Well, let me briefly refer to OMV.
As we described in previous years, our security of supply has been improved by diversifying our gas supply sources. This has made it possible that for more than one year now, all our customers are seamlessly provided even without using Russian gas. But until 2050, Europe will remain a net gas importer. This is why we believe it is necessary to ensure that we produce more here in Europe, and our Neptun Deep project comes in here. But of course, additional efforts should be undertaken to produce more gas here in Europe, to reduce imports and to help diversify our import supply sources. We need many different suppliers in order to increase the security of supply.
Thank you. The next question comes from Irmgard Kischko from Börsianer.
A question for the board member in charge of exploration: How much gas is produced in Neptun Deep in 2027, and what does this mean for the supply of Austria, and what does it mean for the prices? Well, on average, Neptun Deep, over at least 10 years, there will be a plateau production of 140,000 barrels of oil equivalent. Half of it belongs to OMV, so about 70,000. But how much of these 70,000 barrels will be seen in 2027 will depend on when first gas will be produced there. Neptun Deep is according to schedule. It's on track in terms of costs and time. So we've heard this from Alfred, so the project is running well. Four wells have been drilled, another six wells will be drilled by the new Transocean rig.
We believe that in 2027, these volumes will materialize and will be in our balance sheet. What does this mean for the supply in Austria, and what does it mean for the prices? Well, basically, Neptun Deep will stabilize Southeastern Europe. Romania, for the first time in its history, will become a net gas exporter and will be capable of shipping this gas to Hungary, to Slovakia, and through these transport routes, also all the way to the hub in Baumgarten. But primarily, the energy supply security of Southeastern Europe will be stabilized. Every molecule of European gas that we add to the system will, of course, help the entire European security of supply, and thus also the Austrian security of supply. And this will also help prices. The bigger the offer, the lower the prices. Thank you, Barry. The next question comes from Daniela Lutz, also from Börsianer.
OMV invests in renewables, such as projects as ReOil or the 140-megawatt electrolyzer.
Do you think that the current speed of transformation is sufficient, Alfred?
Yes. What I can say about this is that until 2030, we will be investing about 30% of our annual CapEx in sustainable projects. Also, in 2026, this will be the case. And it is our goal that by 2050, we want to be a net zero company. As far as the implementation of this transformation is concerned, in developing these projects going forward, of course, we need to be agile in this transformation process. So we depend on how the market's developed, how the regulators and the technologies develop.
So we believe that with this investment approach, we are on a good way forward to become an integrated company based on renewables and energy gas and f rom Börsianer.
The next question comes from Daniela Lutz from Börsianer, Borouge Group International: When will the management team be nominated, and can you tell us who will be the head of the supervisory board be nominated by the ADNOC or OMV?
Well, with the close, the management team will be in place to make sure that the company can come to an immediate start and start producing the synergies that we are planning for. The head of the management board will be nominated by ADNOC, and OMV will be in charge of the supervisory board.
Okay.
From Andrew Noel from Chemical ESG: Are OMV's plans for a proprietary chemicals division separate to BGI still on hold, or what are the plans there?
Martijn.
Martijn?
We have in OMV,
English, please.
Sorry, I'll answer in English. Yes, of course, we have an OMV chemicals business. We have two cracker plants: one in Austria and one in Germany. They're very important also for the integrated business that we have together, also with the fuels side. We have, of course, proprietary technology in the future, the ReOil technology, where we have just started the plant, and I'm happy to say it functions well, and we are just discovering now also how this will be a profitable business model as addition. So, we will continue to operate this OMV Chemicals business. One of our biggest customers is BGI, so there will also be opportunities to grow with BGI.
But it's very vital for our integrated value chain in OMV.
Thank you. There's a second question from Andrew. "Equita could become the largest player in polyolefins by capacity in 2026 on the back of acquisitions from LyondellBasell and SABIC. Could such a value investor change market dynamics in Europe?" Maybe also...
Yes, I'll pick it up as well. It's clear, actually, the European chemicals market is in a very difficult phase. We've seen announcements from competitors about closures, and you see a reordering of the value chains. OMV Chemicals, we position ourselves from a position of strength, really working with our customers. That's Borealis in Austria and Borealis also in Germany, as well as kind of several big chemical players in the Chemie Dreieck, so the immediate area of Munich, to actually win and even thrive in this difficult market situation. Part of that turmoil in the market is indeed that people exit and new entrants come up. Aquita, that you mentioned, is of course, one. It's close to Munich, also has a production location.
So we are, as OMV, we're kind of preparing ourselves also for this increased competition to make sure that we can fully load our crackers and also can have a healthy business.
Thank you. The next question comes from Monika Graf, from Salzburger Nachrichten: "What will be the share of oil in OMV's production of 400,000 barrels per day in 2030? And what is the share of oil today? Berislav?"
Yes. Today, it's more or less 50/50, and in future, we are striving to achieve a bigger share of gas. So by 2030, we believe we'll have 60% or even more than 60% of gas in our production portfolio. And the next question also goes to you, Berislav. It's asked by Irmgard Kischko from Börsianer: "What is the share of natural gas that is imported from the U.S.?" Well, it's a bit hard to answer this. 36 terawatt-hours in liquid natural gas comes through Rotterdam, our booked capacity is there. A significant share of that is probably of American origin.
We don't always know where the physical molecule, molecule comes from. We know it doesn't come from Russian sources. That much we know. Okay. Let's continue. There are two questions by Michael Bachner from Kurier. "What is the total cost to OMV when it pays out a dividend of 4.4 EUR per share? In 2026, the outlook, well, all the values were below those of 2025. What does this mean for profit expectations?" Well, as to the total sum for the dividend, we have 327 million shares. If you multiply this by 4.40 EUR, that's about EUR 1.6 billion. Now, taking a look at the outlook for 2026, of course, the year 2026 is under pressure.
There's a lower economic outlook, there are geopolitical uncertainties, there's a need to consolidate, especially in the chemicals industry. So we need to keep an eye on profitability. On the basis of these forecasts, of course, the profitability is under pressure, but we also need to look at the cash flows. And when you look at the cash flows, it's important to see that we will get a dividend from BGI. That's a minimum dividend of about $1 billion. That continues to stabilize the cash flow of OMV, and that constitutes a very good basis to help continue with our transformation journey. Thank you, Reinhard. The second question by Michael Bachner is: "In which phase are we in terms of the search for a new OMV CEO?" Well, let me address this question.
Search for a new CEO for OMV is, of course, a task incumbent upon the supervisory board. The supervisory board has been dealing with that issue for some time and is making good progress.
Thank you, Alfred.
There's another question for you by Börsianer. "You said that there should be more gas production in Europe. Where in Europe would that be possible to produce more gas?"
Well, I think there are several options, and it's not only about producing gas in Europe itself, that, of course, would make business sense, but it's also about producing in and around Europe, wherever there's pipeline connections. So with our Neptun Deep project, for example, this is the biggest gas development project of the EU 27. The 140,000 barrels that Berislav referred to, that's about 2.6% of the European gas demand.
So that is a significant natural gas project that is underway here, and we believe that in the Black Sea, there are further development potentials that should be made use of. But it is not only here but also elsewhere, that there's opportunities. In Austria, for example, we have made a big discovery, Wittau Tief, which will come on stream. Unfortunately, it's not as big as Neptun Deep, but it's still an important discovery, so we should strengthen these activities everywhere.
Thank you, Alfred. There are no longer any questions in the chat, so thank you very much for your participation. Thank you for your numerous questions. If you have any further questions, our media relations teams will be more than happy to answer these, and we're looking forward to a personal encounter in the coming months. Thank you very much, and enjoy the rest of the day.