OMV Petrom obtained financing through NPRR to produce green hydrogen at the Petrobrazi refinery in Brazii, Romania
OMV Petrom, the largest integrated energy company in Southeast Europe, announces the signing of a financing contract through the National Plan for Recovery and Resilience for the construction of a hydrogen production capacity by water electrolysis at the Petrobrazi refinery. The contract was signed with the Ministry of Energy, for a maximum value of about EUR 39 million, the total investment being estimated at about EUR 74 million.
Christina Verchere, CEO of OMV Petrom: "We believe that Romania has significant potential for the development of green energy projects, and the funds available to finance these projects open opportunities for the economic growth of the country. By the 2030 Strategy, we are committed to support the energy transition in Romania and in the region, with investments of around EUR 11 billion until the end of this decade, out of which approximately 35% will support low and zero carbon projects."
Radu Căprău, member of the OMV Petrom Executive Board, responsible for Refining and Marketing: “Green hydrogen opens new opportunities for a low carbon emissions economy. It will play an important role in decarbonizing refineries and in the sustainable transportation, whether we speak about road, railway, or air transport, being one of the solutions for the mobility of the future. We estimate that the hydrogen demand will increase significantly in Romania, especially in the next decade. We believe OMV Petrom has the opportunity to become the main integrated player on Romania’s hydrogen market.”
The project involves putting into operation, within the Petrobrazi refinery, a capacity of 20 MW for hydrogen production by water electrolysis. The entire process will be powered by renewable energy. This means that no CO2 emissions will be generated from the use of energy during water electrolysis, when the separation of oxygen and hydrogen molecules happens.
The volume of green hydrogen to be produced has been estimated at over 2,600 tons per year. The integration of the obtained green hydrogen will lead to a reduction of at least 70% of the CO2 emissions along the entire production value chain of sustainable fuels compared to conventional fuels.
In the next period, the company will start the public tender for the purchase of the electrolyzer, with the final investment decision to be made in 2024. Completion of the works is estimated for 2025.
Categories
Chemical substances
Latest news
MOL inaugurated €1.3 billion polyol complex in Tiszaújváros, Hungary
The €1.3 billion project is MOL's largest organic investment to date, for which it has also received support from the Hungarian state. Thanks to technology of thyssenkrupp Uhde and Evonik, the plan...
Arkema and ProLogium enter cooperation for next-generation lithium-ceramic battery materials for e-mobility with the construction of a gigafactory in Dunkirk, France
Arkema has been chosen by ProLogium, a Taiwanese technology leader in advanced batteries, as a key development and supply partner ahead of the launch of its gigafactory in France.
BASF invests in capacity expansion of Basoflux® range of paraffin inhibitors in Tarragona, Spain.
BASF Tarragona →Increased production at the BASF site in Tarragona, Spain to support growing global demand for high-quality paraffin inhibitor chemistries. Investment reinforces BASF’s commitment to innovative and...
LYB to build integrated plastic waste recycling hub in Chemiepark Knapsack, Germany
Chemiepark Knapsack →The hub is planned to combine various advanced sorting and recycling operations, helping to address the plastic waste challenge and grow the circular economy