Joining other oil and gas operators in actions to safeguard their businesses amid coronavirus crisis and the oil price war, Austrian oil and gas company OMV has decided to reduce its investments in 2020 by 20 percent, cut costs by around $217 million, and delay acquisition projects.

The global spread of the coronavirus has abruptly transformed people’s lives and significantly worsened the economic environment. OMV said on Thursday that it is responding to this situation with targeted measures to safeguard the company’s economic stability and the secure supply of energy.