- The park will produce more than 4,600 MWh of green power throughout its entire life cycle
OMV Petrom, the largest integrated energy company in South-Eastern Europe, commissioned its first photovoltaic park. The electricity will be used for own consumption, within the Exploration and Production division.
The park includes nearly 1,000 photovoltaic panels installed on an area of 5,500 sqm, equal to the size of a football field, in Icoana, Olt County. It will produce more than 4,600 MWh of green electricity throughout their entire life cycle, estimated at 13 years. The installation has a high-performance ratio, of 84%. By replacing the conventional electricity source, the carbon dioxide emissions will be reduced by more than 1,200 tons throughout the entire life cycle of the panels.
Chris Veit, member of OMV Petrom Executive Board, responsible for Exploration and Production: “This project is a first for us and is part of the energy efficiency program, through which we aim to reduce our environmental impact. We will continue developing such projects that support our objective of decarbonizing operations."
Since 2010, OMV Petrom has invested approximately EUR 72 million in developing projects that supply electricity or electric and thermal energy for production activities. Currently, 65% of the electricity needs of exploration and production activities is generated internally. The medium-term objective is that the entire electricity needs to be exclusively supplied from internal sources.
About OMV Petrom
OMV Petrom is the largest integrated energy company in South-Eastern Europe, with an annual Group hydrocarbon production of approximately 47 million boe in 2021. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency power plant. The Group is present on the oil products retail market in Romania and neighbouring countries through more than 780 filling stations, under two brands – OMV and Petrom.
OMV Petrom shares are traded on the Bucharest Stock Exchange and the London Stock Exchange. OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51% stake in OMV Petrom. The Romanian State, through the Ministry of Energy, holds 20.6% of OMV Petrom shares, and 28.4% is owned by natural and legal persons.
OMV Petrom is the largest contributor to the state budget, with approximately 35 billion euro in taxes and dividends paid between 2005 and 2021. During the same period, the company invested approximately 17 billion euro.
Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2021, the company has allocated over 80 million euro to develop communities in Romania, focusing on environmental protection, education, health, and local development.
On July 29th, 2020, OMV Petrom announced its support for the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD) regarding risks and opportunities on climate change.