OMV Petrom signs financing contracts for green hydrogen in Romania

Green Forum
OMV Petrom, the largest integrated energy producer in South-East Europe, signed two financing contracts through the National Recovery And Resilience Plan (NRRP) for the construction of two production facilities for green hydrogen with a total capacity of 55 MW at the Petrobrazi refinery.

These contracts have been signed with the Ministry of Energy and involve a maximum funding of €50 million, while the total investment is around €140 million. The funding was obtained following the resumption of the competitive procedure for projects supporting green hydrogen investments, originally launched in 2022.

"Through the 2030 Strategy, we have committed to support the energy transition in Romania and the region with investments of around €11 billion by the end of this decade, of which around 35% will be directed towards low and zero carbon projects. We have made significant progress in renewable energy and electro-mobility projects, and with this project we are adding hydrogen to our portfolio of low carbon projects", Christina Verchere, CEO of OMV Petrom.

The projects aim to build two water electrolysis plants with capacities of 35 MW and 20 MW at the Petrobrazi refinery. The whole process will be powered by renewable energy with no carbon emissions, which will allow the hydrogen obtained to be classified as green. The estimated annual amount of green hydrogen to be produced by the two projects is about 8 kilotonnes. 

Integrating green hydrogen into the production process of green fuels, such as sustainable aviation fuel and biodiesel, will lead to at least a 70% reduction in CO2 emissions compared to conventional fuels. The projects are currently in the design phase, with the aim of making a final investment decision in 2024.

RECOMMENDED
RECOMMENDED FROM THE HOME PAGE
READ MORE
Green Forum  |  23 April, 2024 at 11:00 AM