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OMV Petrom to test new carbon capture technology

Apr 23, 2024, 4:49:07 PMArticle by Alexandru Cristea
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April 23 (SeeNews) - Romania’s top oil and gas group OMV Petrom [BSE:SNP] said on Tuesday it will test an innovative carbon capture and utilisation installation at its Petrobrazi refinery over a period of four months, starting in June.

OMV Petrom to test new carbon capture technology
Romania

The new technology was developed within the international innovation project ConsenCUS, financed through the European Commission's Horizon 2020 programme, OMV Petrom said in a press release.

"The plant consists of three units. The first captures CO2 through a more efficient technology than traditional methods. In the second unit, high purity CO2 is obtained and finally the third unit transforms CO2 into a chemical product, potassium formate, with multiple uses, such as the production of synthetic fuels," the company explained.

"We want to actively contribute to the decarbonization of transport in Romania [...] We now test an innovative technology that opens new perspectives in Romania for the capture of carbon emissions and their transformation into superior products," said Radu Caprau, OMV Petrom board member responsible for refining and marketing.

The testing stage at Petrobrazi is part of a demonstration campaign carried out in three countries. The technology was already successfully tested at a cement plant in Denmark. Following its test in Romania, the installation will be tested at a magnesium production plant in Greece.

ConsenCUS, which started in 2021, is a four-year innovation project aiming to demonstrate the viability of a new technology applicable to sectors where reducing carbon emissions is difficult. The project is run by a consortium of nineteen research institutions and companies from seven countries, OMV Petrom noted.

Last year, OMV Petrom booked a net profit of 4.03 billion lei ($863 million/809.9 million euro), down from 10.3 billion lei in the previous year.

Shares in blue-chip OMV Petrom changed hands 0.66% higher at 0.6845 lei as at 1507 CET on Tuesday on the Bucharest bourse.

(1 euro=4.9762 lei)

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