OMV Petrom Signs Financing for Two Green H2 Production Projects at Petrobrazi Refinery

Source: www.gulfoilandgas.com 2/26/2024, Location: Europe

OMV Petrom, the largest integrated energy producer in South-eastern Europe, announces the signing of two financing contracts through the NRRP, for the construction of two production facilities for green hydrogen with a total capacity of 55 MW at the Petrobrazi refinery. The contracts were signed with the Romanian Ministry of Energy for a maximum funding amount of EUR 50 million; the total investment is approximately EUR 140 million.

The funding was obtained following the reopening, in July 2023, of the competitive call for projects supporting investments in green hydrogen, initially launched in 2022.

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

Radu Caprau, member of OMV Petrom's Executive Board, responsible for Refining and Marketing: "We are proud to be among the first green hydrogen producers in Romania. Green hydrogen, produced from renewable energy sources, is a viable solution for a low-carbon future. By developing these projects at Petrobrazi, we are taking important steps towards sustainable refining activity."

The projects consist of building two water electrolysis plants of 35 MW and 20 MW at the Petrobrazi refinery. The entire production process will be powered by renewable energy, therefore carbon-free, allowing the hydrogen obtained to be classified as green hydrogen.

The annual amount of green hydrogen to be produced by the two projects has been estimated at approximately 8 kilotons.

Integrating green hydrogen into the production process of green fuels, such as sustainable aviation fuel and biodiesel, will lead to a CO2 emission reduction of minimum 70% compared to conventional fuels.

The projects are currently in the engineering phase aiming to reach final investment decision in 2024.

1The National Recovery and Resilience Plan (NRRP) is a funding facility supported by the European Commission: Recovery and Resilience Facility - European Commission (europa.eu).


United States >>  5/24/2024 - Air Products' (NYSE: APD) Eric Guter, Global Vice President, Hydrogen, will provide the keynote address at 10 a.m. PT on Wednesday, May 29 at the inau...
United States >>  5/24/2024 - GenCell® hosted a first U.S. demonstration of the Company's revolutionary hydrogen fuel products, GenCell EVOX® and GenCell REX™. GenCell Inc., the U....

Finland >>  5/22/2024 - Not only the North Sea, but also the Baltic Sea region holds considerable potential to produce cheap, green hydrogen, which could be a significant con...
United Kingdom >>  5/22/2024 - Leading energy companies Equinor, Centrica and SSE Thermal have launched plans for a collaboration of multiple low carbon hydrogen projects on the nor...

Georgia >>  5/21/2024 - Airbus, Hartsfield-Jackson Atlanta International Airport (ATL), Delta Air Lines and Plug Power have joined forces to study the feasibility of a hydrog...
Australia >>  5/20/2024 - Amp Energy ("Amp" or the "Company") announced today it has finalised all required commercial agreements for the development of the Cape Hardy Advanced...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.