LONDON, UK: OMV Petrom, the largest integrated energy company in Southeast Europe, has announced that it has signed a financing contract with the Ministry of Energy for the construction of a green hydrogen production capacity by water electrolysis at the Petrobrazi refinery.

The contract is part of the National Plan for Recovery and Resilience and has a maximum value of about EUR 39 million, while the total investment is estimated at about EUR 74 million.

The project involves installing a 20 MW electrolyzer at the Petrobrazi refinery, which will produce over 2,600 tons of green hydrogen per year using renewable energy.

The green hydrogen will be integrated into the production of sustainable fuels, reducing CO2 emissions by at least 70% compared to conventional fuels.

The project is in line with OMV Petrom’s 2030 Strategy, which aims 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.

Christina Verchere, CEO of OMV Petrom, said: “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.”

Radu Căprău, member of the OMV Petrom Executive Board, responsible for Refining and Marketing, said: “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. 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 company will start the public tender for the purchase of the electrolyzer in the next period, with the final investment decision to be made in 2024. Completion of the works is estimated for 2025.

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