- OMV Petrom takes an important step to ensure access to a reliable source of raw materials to produce biofuels
- OMV Petrom Strategy 2030: Biofuels will account for more than 15% of the group’s production
OMV Petrom, the largest integrated energy company in Southeastern Europe, has signed an agreement to purchase 50% of the shares of the Romanian company "Respiră Verde SRL", a local leader in the collection of used cooking oil. The closing of the transaction is expected to take place in the first quarter of 2024, after fulfilment of certain conditions, including the clearance of the Competition Council and of the Commission for Screening of Foreign Direct Investments.
Used cooking oil is one of the main renewable feedstocks to produce sustainable aviation fuel (SAF) and biodiesel (hydrotreated vegetable oil - HVO1 ). The use of SAF and HVO within the transportation sector would considerably reduce carbon emissions. By using SAF, CO2 emissions from commercial flights are approximately 80% lower than conventional fuel.
Radu Căprău, member of OMV Petrom's Executive Board, responsible for Refining and Marketing: "We are looking for the best solutions to reduce emissions, and biofuels offer an opportunity to decarbonise transportation. One of the targets of our 2030 strategy is for biofuels to account for more than 15% of total fuel production. Through this transaction, we take a first step towards ensuring our access to the raw material necessary to produce biofuels and open up the prospect of integrating the circular economy into our core activities."
Founded 12 years ago, "Respiră Verde" collects up to 10,000 tons of used cooking oil per year from companies active in sectors such as hospitality (hotels, restaurants) and retail. The company has its own transport fleet, and it operates two main warehouses, in Bihor and Ialomița. It aims to expand its activity on other European markets in the near future.
Ionut Popsea, “Respiră Verde” cofounder: "Through this transaction, we join OMV Petrom in its efforts to reduce emissions and produce sustainable fuels. We share the same goals regarding the used cooking oil market, and we believe that together we will increase the collection rate in Romania and the region."
OMV Petrom has taken important steps to increase the share of biofuels. In 2022, Petrobrazi became the first ISCC2- certified refinery in the country capable of producing SAF and HVO by co-processing biological feedstocks. OMV Petrom is considering expanding its production capacity to produce sustainable fuels from a wide range of residual feedstocks, such as used cooking oil.
About OMV Petrom
OMV Petrom is the largest integrated energy company in South-Eastern Europe, with an annual Group hydrocarbon production of approximately 43 million boe in 2022. 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 neighboring countries through approximately 780 filling stations under two brands – OMV and Petrom.
OMV Petrom is a company in which Romanian shareholders hold over 42% of the shares (of which the Romanian state, through the Ministry of Energy, holds 20.7%, and 21.7% are owned by pension funds in Romania, to which are added almost 500,000 individual investors and other Romanian entities). OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.2% stake in OMV Petrom, and the remaining 6.4% are held by other foreign investors. Of the total shares of OMV Petrom, 28.1% represents the free float on the Bucharest Stock Exchange.
OMV Petrom is the largest contributor to the state budget, with approximately 39 billion euro in taxes and dividends paid between 2005 and 2022. During the same period, the company invested approximately 17 billion euro. In 2022, the taxes paid by OMV Petrom ensured 7% of Romania's tax revenues.
Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2022, the company has allocated around 120 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. OMV Petrom annually reports on the progress made in implementing these recommendations.
1HVO – Hydrotreated vegetable oil is also known as renewable diesel, green diesel or biodiesel. This is a low-carbon fuel, produced by processing renewable residual lipids.
2 International Sustainability and Carbon Certification (ISCC-EU). This is a system recognized by the European Commission for the certification of sustainable materials that comply with the legal requirements of the Directive on the promotion of the use of Energy from Renewable Sources (RED).