OMV Petrom aims for a significant boost in clean energy by 2030

Green Forum
OMV Petrom, the energy leader of Southeast Europe, recently announced a revision of their 2030 strategy, focusing on a bigger push for renewable energy, sustainable fuels, and making electric vehicles more accessible.

To support the implementation of Strategy 2030, OMV Petrom is investing €11 billion from 2022 until 2030.

Strategy 2030 enables OMV Petrom to achieve the following:

Development of the largest natural gas resource in the EU;
Development of the largest portfolio of new renewable energy projects in Romania;
The largest investments for transportation decarbonization in Romania are via the production of renewable fuels and the development of the most extensive charging network for electric vehicles.

„We remain committed to our transformation Strategy 2030 for a lower carbon future, while making some key adjustments: a more rapid build-out in renewables, a more ambitious target in e-mobility, and progressing with our Neptun Deep offshore gas project, on track for first gas in 2027. With rigorous capital discipline and solid financial performance, we aim to increase dividend distributions, being highly competitive versus our peers”, said Christina Verchere, Chief Executive Officer OMV Petrom.

Low and zero carbon projects will account for about one-third of the €11 billion total investments, respectively €3.7 billion between 2022-2030, and for one-fifth of the Clean CCS EBIT1 in 2030.

In less than 3 years since the launch of the strategy, the company has made significant progress:

The current portfolio of solar and wind projects exceeds the initial target of more than 1 GW by 2030. The company now aims for ~2.5 GW of renewable power capacity by 2030, including partnerships. Thistranslates into an annual net electrical output of ~4.7 TWh, of which 2.4 TWh net to OMV Petrom, to be reached by 2030.

The company recently announced the final investment decision for a new SAF/HVO plant at the Petrobrazi refinery, together with two green hydrogen production units, that will be used in the production ofbiofuels. Based on the 250 kt/year SAF/HVO capacity, OMV Petrom is to become the first major producer of renewable fuels in the region by 2028. Leveraging EU non-reimbursable funds, OMV Petrom accelerated its green hydrogen projects in Petrobrazi, to reach 100 MW capacity by 2030. In biofuels overall, we adjusted the pace compared to our initial plan of reaching 600 thousand tons per year production by 2030, and now expect to produce 300 thousand tons per year, reflecting the technology maturity level and market developments.
E-mobility: After acquiring Renovatio's network, OMV Petrom is on track to reach its ambition of around 1,000 charging points by the end of the year, positioning itself as a major player in e-mobility. The company now aims to have more than 5,000 charging points by 2030 and thus become the largest provider of e-mobility services in Romania.

Green Forum  |  15 July, 2024 at 11:00 AM
Green Forum  |  15 July, 2024 at 10:00 AM