OMV Petrom Signs Financing through the National Recovery and Resilience Plan (NRRP)* for Two Green Hydrogen Production Projects at Petrobrazi Refinery

(OMV Petrom) The funding was obtained following the reopening of the call for projects related to NRRP; Total investment for the two projects is estimated at approximately EUR 140 million; Maximum amount of NRRP funding is EUR 50 million

February 26, 2024 - OMV Petrom, the largest integrated energy producer in Southeastern Europe, announces the signing of two financing contracts through the NRRP, for the construction of two production facilities for green hydrogen with a total capacity of 55 MW at the Petrobrazi refinery. 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.

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

Christina Verchere, OMV Petrom CEO: "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."

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

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 aiming to reach final investment decision in 2024.

OMV Petrom is the largest integrated energy producer in Southeastern Europe, with an annual Group hydrocarbon production of approximately 41 million boe in 2023. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency gas-fired power plant. The Group is present on the oil products retail market in Romania and neighbouring countries through approximately 780 filling stations under two brands – OMV and Petrom.

OMV Petrom is a company in which, as of end-2023, Romanian shareholders hold over 43% of the shares (of which the Romanian state, through the Ministry of Energy, holds 20.7%, and 22.5% are owned by pension funds in Romania, to which are added almost 500,000 individual investors and other Romanian entities). OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.2% stake in OMV Petrom, and the remaining 5.6% are held by other foreign investors. Of the total shares of OMV Petrom, 28.1% represents the free float on the Bucharest Stock Exchange.

OMV Petrom is one of the largest contributors to the state budget, with approximately 42 billion euro in taxes and dividends paid between 2005 and 2023. During the same period, the company invested approximately 18 billion euro.

Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2023, the company has allocated around 160 million euro to develop communities in Romania, focusing on environmental protection, education, health, and local development.

On July 29th, 2020, OMV Petrom announced its support for the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD) regarding risks and opportunities on climate change. OMV Petrom annually reports on the progress made in implementing these recommendations. READ MORE