OMV AG and Abu Dhabi Future Vitality Co. PJSC (Masdar) have signed a letter of intent to collaborate on producing renewable power-generated hydrogen and derivatives.
The partnership would contain producing artificial aviation gasoline and different artificial fuels, in addition to artificial chemical compounds, in Austria, the United Arab Emirates and northern and central Europe.
“By leveraging our mixed capabilities, Masdar and OMV need to produce inexperienced hydrogen and derivatives at industrial scale, supporting decarbonization efforts and constructing the inexperienced hydrogen worth chain”, Masdar chief inexperienced hydrogen officer Mohammad Abdelqader El Ramahi stated in a joint assertion Wednesday.
- Advertisement -
Martijn van Koten, OMV government vice chairman of fuels, feedstock and chemical compounds, commented, “Our exploration of recent alternatives with Masdar in inexperienced hydrogen and sustainable artificial fuels is aiming to ship concrete enterprise alternatives, in addition to to offer a daring step towards reshaping industries and accelerating decarbonization. Collectively, we goal to drive innovation and set new requirements for sustainable options each in Austria and the UAE”.
State-owned Masdar has set an goal to succeed in manufacturing of 1 million metric tons of renewable hydrogen and derivatives a 12 months by 2030.
OMV, partly owned by the Austrian authorities, needs to gasoline its refineries with inexperienced electrolytic hydrogen to assist obtain its aim of Scope 1-3 net-zero emissions by 2050. Inexperienced electrolytic hydrogen is derived from water utilizing a renewable energy-powered course of.
Additionally on Wednesday OMV introduced the beginning of manufacturing at its first commercial-scale inexperienced hydrogen facility, constructed at dwelling with an annual capability of 1,500 metric tons.
The plant, positioned at OMV’s Schwechat refinery, makes use of a 10-megawatt PEM (polymer electrolyte membrane) electrolyzer powered by hydro, photo voltaic and wind power. The method avoids as much as 15,000 metric tons of carbon dioxide (CO2) emissions a 12 months, equal to the CO2 consumption of two,000 individuals per 12 months based mostly on a European Union common, in response to OMV.
Output will likely be used to decarbonize the refinery and produce extra sustainable fuels and chemical compounds together with sustainable aviation gasoline and renewable diesel.
“With the start-up of Austria’s largest electrolysis plant, we’re re-inventing how necessities we use in on a regular basis life are produced sustainably”, Van Koten stated.
“By constructing sturdy native manufacturing and provide chains for inexperienced hydrogen in Europe, OMV shouldn’t be solely advancing local weather targets but in addition safeguarding industrial progress”, the OMV board member added.
“The experience gained from this initiative will act as a springboard for pioneering initiatives, laying the inspiration for a cleaner, extra resilient tomorrow”.
“The plant is licensed in response to the Renewable Vitality Directive (EU) 2018/2001 (RED II) for producing RFNBOs (renewable gasoline of non-biological origin)”, the corporate stated.
The mission had an funding of about EUR 25 million ($28.31 million), with help from the federal government’s Local weather and Vitality Fund.
In different information OMV reported EUR 288 million in web revenue for the primary quarter (Q1), down 57 % from Q1 2024; EUR 143 million in web revenue attributable to father or mother firm shareholders, down 70 %; and EUR 0.44 in earnings per share.
Gross sales income from persevering with operations was “steady” at EUR 6.22 billion in comparison with EUR 6.26 billion for the corresponding three-month interval within the prior 12 months, OMV stated.
Gas and feedstock gross sales generated EUR 3.82 billion, down year-on-year. Vitality gross sales totaled EUR 2.22 billion, additionally down by prior-year comparability. Chemical gross sales registered EUR 171 million, up year-over-year.
Money stream from working actions got here at EUR 1.34 billion. Free money stream landed at EUR 317 million.
“OMV has had a worthwhile begin to 2025 amid difficult market and geopolitical situations”, stated chair and chief government Afred Stern.
OMV exited the January-March 2025 interval with EUR 12.68 billion in present belongings together with EUR 5.68 billion in money and money equivalents. Present liabilities stood at EUR 7.74 billion.
To contact the creator, electronic mail jov.onsat@rigzone.com
