Environment

The OMV Petrom Group Environmental Management Standard, as approved by the Executive Board, stipulates the assessment of environmental impacts and risks and adherence to environmental performance requirements in terms of energy use, emissions into the atmosphere, water use and discharge, the use of raw materials, waste management, hazardous substance handling, and biodiversity and ecosystem protection. Prior to new operational activities or new country entries, environmental risk assessments are performed. This includes evaluations of local legislation and the potential impact of our activities on sensitive and protected areas, as well as the effects on endangered species. Additionally, environmental and Social Impact Assessments (ESIAs) for new developments are submitted to the local regulator or lender (whichever is applicable) for review, public disclosure, and approval. An Environmental and Social Management Plan is prepared to include preventive and mitigation measures as well as the monitoring program. 

Strategic risks and opportunities are assessed in a top-down process, while a bottom-up process is also in place with a standardized methodology to assess both physical and legal compliance risks in our operations. The resulting environmental risk database includes information on existing controls for environmental risks and future actions required, which include environmental communication through events, awareness campaigns and round tables. Environmental risks and opportunities include regulatory, operational, reputational, and financial drivers, managed as part of OMV Petrom’s EWRM processes, described in the Risk Management section. The Active Risk Management System (ARMS) is an IT tool used to monitor and manage environmental risks, and used also to integrate environmental risk scenarios with other HSSE and business risks. Clearly defined risk policies and responsibilities are in place for mitigation for each phase of project implementation.