OMV Petrom, one of the largest energy producers in Southeast Europe, announced the signing of two financing contracts through PNRR for the construction of two green hydrogen production facilities with a total capacity of 55 MW at the Petrobrazi refinery in Romania.
The PNRR, or the National Recovery and Resilience Plan, is a financing facility supported by the European Commission to aid Europe’s post-pandemic economic recovery.
The contracts were signed with Romania’s Ministry of Energy for a maximum financing value of EUR 50 million, and the total investment value is around EUR 140 million. The financing was obtained following the reopening in July 2023 of the procedure for supporting investments in green hydrogen projects, initially launched in 2022.
“Through Strategy 2030, we are committed to supporting 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 emission projects. We have taken significant steps in renewable and electromobility projects, and with this project, we are adding hydrogen to our portfolio of low-carbon projects,” said Christina Verchere, CEO of OMV Petrom.
The projects aim to build two water electrolysis plants, 35 MW and 20 MW, respectively, within the Petrobrazi refinery.
The entire process will be powered by renewable energy, therefore without carbon emissions, allowing the obtained hydrogen to be classified as green hydrogen. The annual quantity of green hydrogen to be produced in the two projects is estimated at around 8 kilotons.
Integrating green hydrogen into the process of obtaining green fuels, such as sustainable aviation fuel and biodiesel, will result in a reduction of at least 70% in CO2 emissions compared to conventional fuels, according to OMV Petrom.
Currently, the projects are in the design phase, with the final investment decision expected in 2024.
