February 17 (SeeNews) - Romania's biggest oil and gas group OMV Petrom [BSE:SNP] said that it has started production of new marine fuel oil with low sulfur content of up to 0.5% at its Petrobrazi refinery, following investment of 3 million euro ($3.25 million).
The Petrobrazi refinery will now be able to produce at least 70Kt of low-sulfur marine fuel oil per year, OMV Petrom said in a bourse filing on Friday.
The first delivery took place at the end of 2019 under a two-year project. Up until the launch of this product at Petrobrazi, the Romanian market was supplied exclusively by imports, the company noted.
The fuel allows shippers to reduce sulfur emissions and to be compliant with the International Maritime Organization (IMO) 2020 regulations. According to IMO, by limiting the sulfur content in ships’ fuel oil to 0.5%, an annual 77% drop in sulfur emissions can be achieved, OMV Petrom said.
OMV Petrom shares closed at 0.425 lei on the Bucharest Stock Exchange on Friday, down 4.92% year-to-date.
OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.011% stake in OMV Petrom. The Romanian state, through the energy ministry, owns 20.639%, and 20.35% is in free float on the Bucharest Stock Exchange and the London Stock Exchange.
($ = 0.9225 euro)
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