OMV Petrom secures EUR 50m for green hydrogen projects at refinery

Romanian oil company OMV Petrom (BSE:SNP) said Monday it has signed two financing contracts of up to EUR 50 million (USD 54.2m) for the construction of two green hydrogen production facilities totalling 55 MW at the Petrobrazi refinery in Romania.

The agreements were signed with the Romanian Ministry of Energy under the National Recovery and Resilience Plan (NRRP) and follow the relaunch of a competitive call for projects supporting investments in green hydrogen in July 2023, the company explained.

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The funding will support the two hydrogen facilities, which are expected to cost a total of EUR 140 million. OMV Petrom plans to build two renewables-powered electrolysis plants of 35 MW and 20 MW at the refinery, aiming for a final investment decision this year. The projects, expected to produce a total of 8 kilotons of green hydrogen a year, are currently in the engineering phase.

"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,” said OMV Petrom CEO Christina Verchere. She further noted that the company is now adding hydrogen to its portfolio of low-carbon projects, already including photovoltaic and electro-mobility initiatives.

(EUR 1 = USD 1.083)