OMV Aktiengesellschaft announced on Friday that it would focus more on renewable energy sources in the years to come, and it would set up an independent “OMV Future Energy Fund”. The OMV general manager Wolfgang Ruttenstorfer said 500 million Euros was to be invested in this field.

OMV Future Energy Fund will act like an independent company, and will identify and finance renewable energies projects with the OMV group. The move aims at facilitating the company’s transformation from an oil and gas provider to a regenerative energy supplier.

Last year, OMV Aktiengesellschaft sales topped 15.6 billion Euros. The company took over Petrom in 2004, becoming one of the largest oil and gas provider group in Central Europe with 1.4 bln of barrels gas and crude oil reserves. The daily production reaches 338,000 barrels while the refinery annual capacity 26.4 million tones.

OMV boasts 2,521 gas stations in 13 countries and hold a market share of 18% in the Danube region.