OMV Petrom signs two financing contracts for two green hydrogen production facilities

OMV Petrom has signed two financing contracts under the National Recovery and Resilience Plan (PNRR) for the construction of two production facilities for green hydrogen of a total capacity of 55 MW at the Petrobrazi refinery, the company reported on Monday.

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.

"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," says OMV Petrom CEO Christina Verchere.

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

"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," says Radu Caprau, member of OMV Petrom's Executive Board, responsible for Refining and Marketing.

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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, with a final investment decision expected in 2024.