OMV Petrom secures 50 mln euro for green hydrogen projects

The financing contracts were signed with Romania’s energy ministry, with the total investment value for the two projects being estimated at 140 million euro, OMV Petrom said in a press release.

“We have made great strides in photovoltaic and electro-mobility projects, and with this project we are adding hydrogen to our portfolio of low carbon projects," Christina Verchere, OMV Petrom CEO, said.

The projects involve the construction of two electrolysis plants of 35 MW and 20 MW at OMV Petrom’s Petrobrazi refinery. The plants will be exclusively powered by renewable energy, enabling the production of an estimated 8 kilotons of green hydrogen per year.

Including green hydrogen in the production of green fuels like sustainable aviation fuel and biodiesel will result in a reduction of carbon dioxide emissions by at least 70% compared to traditional fuels.

OMV Petrom plans to invest a total of 11 billion euro by 2030, of which about 35% will support low and zero-carbon projects, Verchere added.

The company plans to invest some 8 billion lei a year ($1.7 billion/1.6 billion euro) for the next three years, marking the most investment-intensive period in its history, OMV Petrom said earlier this month.

OMV Petrom shares traded 1.79% higher at 0.624 lei as at 0959 CET on Monday on the Bucharest Stock Exchange.

($=0.924 euro)