OMV plans to use Masdar's help to decarbonise refineries

Abu Dhabi Future Energy Company, better known as Masdar, announced on Friday that it will be exploring a partnership with OMV AG (VIE:OMV) to possibly decarbonise industrial processes in the Austrian oil company’s refineries using green hydrogen production.

At the COP28 climate conference, the two companies have signed a non-binding Heads of Terms (HoT) that establishes the basis of a joint agreement to develop an industrial-scale, renewables-powered electrolysis plant. They intend to make a final investment decision in the second half of 2024, according to the announcement.

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“This cooperation agreement with OMV is another step in the right direction towards building a robust hydrogen value chain and supports our ongoing aim of 1 million tonnes of green hydrogen per annum globally by 2030”, said Mohammad Abdelqader El Ramahi, Masdar’s Chief Green Hydrogen Officer.

As previously reported, Masdar has a similar partnership with another Austrian company, utility Verbund AG, but focused solely on Spanish activities.