OMV Petrom to invest 750M euros in biofuel plants

Romania’s top oil and gas group OMV Petrom said on June 11 that it will invest around 750 million euros ($806.2 million) to build several sustainable fuel plants at its Petrobrazi refinery, near the southern city of Ploiesti, Report informs referring to SeeNews.

OMV Petrom will build a plant for the production of sustainable aviation fuels (SAF) and renewable diesel, along with two plants for the production of green hydrogen, it said in a press release.

The SAF and renewable diesel plant will require an investment of 560 million euros. The facility will allow OMV Petrom to supply about 250 kilotonnes of biofuel per year, starting in 2028.

The investment for the two green hydrogen plants is estimated at around 190 million euros, of which 50 million euros will be covered by European funds received through the National Recovery and Resilience Plan (NRRP). The two green hydrogen plants will have a cumulative capacity of 55 MW, with the total annual production of green hydrogen estimated at about 8 kilotons.

These investments will turn the Petrobrazi refinery into the first major producer of sustainable fuels in the region, as per the statement.

"Together with electro-mobility, biofuels are the answer to low carbon transport, and we expect a gradual increase in demand for these products. Thanks to the investments we announced today, we will be able to replace imports with biofuels produced here in Romania," said Radu Caprau, OMV Petrom board member responsible for refining and marketing.

"In total, by 2030, we’re committing EUR 11 billion to transform the company for a lower carbon future, both in Romania and the region," OMV Petrom CEO Christina Verchere added.

Last month, OMV Petrom put into operation the country's largest crude oil storage tank, following an investment of more than 23 million euros.