MV PETROM INVESTS IN BIOFUELS PRODUCTION IN ROMANIA

November 29, 2023

OMV Petrom, the largest integrated energy company in Southeastern Europe, has signed an agreement to purchase 50% of the shares of the Romanian company “Respir? 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.
Founded 12 years ago, “Respir? 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 Ialomi?a. It aims to expand its activity on other European markets in the near future.
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.
(Source: OMV Petrom – Image: SA Intl.)