OMV Petrom locks funding for 20-MW green H2 project in Romania

May 22 (Renewables Now) - Romanian oil and gas group OMV Petrom will receive up to EUR 39 million (USD 42.2m) in financing to install a 20-MW electrolyser to produce green hydrogen at its Petrobrazi oil refinery in Prahova County, one of the largest ones in the Balkan country.

The project, worth some EUR 74 million, will receive funding from Romania’s National Plan for Recovery and Resilience (NPRR). The funding deal was signed with the Ministry of Energy, OMV Petrom said on Monday.

Under the plan, the Romanian group will produce more than 2,600 tonnes of green hydrogen annually, with which it expects to lower tis carbon footprint. “The integration of the obtained green hydrogen will lead to a reduction of at least 70% of the CO2 emissions along the entire production value chain of sustainable fuels compared to conventional fuels,” it said.

A final investment decision on the project is due to be taken next year, with hydrogen production set to be launched in 2025. OMV Petrom will hold a public tender for the purchase of the electrolyser.

According to Radu Caprau, member of the OMV Petrom executive board, the company could become a major player on Romania’s hydrogen market, where demand is seen to grow significantly over the next decade. The oil group has pledged to pour some EUR 11 billion into energy transition projects by 2030, with 35% of the total to go for low and zero carbon initiatives.

(EUR 1.0 = USD 1.081)