OMV CEO on Production Forecast, LNG, PetChem, M&A

The transcript covers various topics including production challenges due to shutdowns in Libya, the impact of maintenance on production forecasts, and the impressive profitability in the second quarter. It discusses the LNG market, highlighting oversupply issues and price trends influenced by weather and market conditions. The conversation shifts to the impact of global warming on business strategies, emphasizing a shift from oil to gas and investments in renewables. The discussion also touches on trends in the petrochemical industry, the need for European refiners to adapt, and the strategic importance of the Nord Stream 2 pipeline. Finally, it explores growth opportunities in Asia, particularly in Indonesia and the Middle East.

What was the main reason for the reduced production forecast in the first quarter?

• High demand in the market

• Shutdown in Libya and maintenance in Q3

• Increase in production costs

• New government regulations

What factor contributed to the depressive price in the European gas market?

• High production rates

• Low warm winter

• New environmental policies

• Increased demand in Asia

What is the company's strategy to address global warming?

• Switch from oil to gas and invest in renewables

• Expand coal mining operations

• Focus solely on petrochemicals

• Increase oil production

What is a key factor for European refiners to survive long term?

• Reduce workforce

• Increase oil production

• Focus on petrochemicals

• Expand into the American market

What is the company's approach to the Asian market?

• Focus on European market saturation

• Invest in petrochemical plants in Asia

• Reduce investments in Asia

• Focus on North American markets

What is the status of the Nord Stream 2 pipeline project?

• Ahead of schedule

• Completed and operational

• Delayed due to Danish permit issues

• Cancelled indefinitely

Which market is considered the third largest in Asia after China and India?

• South Korea

• Vietnam

• Indonesia

• Japan