“Strategy 2030 enables OMV Petrom to achieve the following: Development of the largest natural gas resource in the EU; Development of the largest portfolio of new renewable energy projects in Romania; The largest investments for transportation decarbonization in Romania via the production of renewable fuels and the development of the most extensive charging network for electric vehicles,” reads the company’s statement.
By 2030, the company’s budget stands at EUR11 billion, unchanged for the time being, but already some targets have been hit, so they have been increased.
„The current portfolio of solar and wind projects exceeds the initial target of more than 1 GW by 2030. The company now aims for ~2.5 GW of renewable power capacity by 2030, including partnerships. This translates into an annual net electrical output of ~4.7 TWh, of which 2.4 TWh net to OMV Petrom, to be reached by 2030,” has announced the company.
After acquiring Renovatio’s network, OMV Petrom is on track to reach its ambition of around 1,000 charging points by the end of the year, positioning itself as a major player in e-mobility. The company now aims to have more than 5,000 charging points by 2030 and thus to become the largest provider of e-mobility services in Romania. Initially, the electromobility target envisaged 500 charging points by 2030.
“We remain committed to our transformation Strategy 2030 for a lower carbon future, while making some key adjustments: a more rapid build out in renewables, more ambitious target in e-mobility, and progressing with our Neptun Deep offshore gas project, on track for first gas in 2027. With rigorous capital discipline and solid financial performance, we aim to increase dividend distributions, being highly competitive versus our peers,” stated Christina Verchere, Chief Executive Officer OMV Petrom.
The company recently announced the final investment decision for a new SAF/HVO plant at the Petrobrazi refinery, together with two green hydrogen production units, that will be used in the production of biofuels. Based on the 250 kt/year SAF/HVO capacity, OMV Petrom is to become the first major producer of renewable fuels in the region by 2028.
„Neptun Deep is at the heart of this strategic pillar, contributing to Romania’s energy independence and economic growth. Neptun Deep development is important for securing sustainable long-term production growth and reduced production costs, while generating significant returns. Since the launch of the Strategy 2030 in 2021, the project has made significant progress, with the final investment decision taken in 2023. All major execution contracts have been awarded. The project is on track to deliver first gas in 2027, within the total budget of up to EUR 4 billion”.
To achieve these objectives, OMV Petrom is stepping up annual investment in 2024-2026 to EUR1.7 billion.
(English version by Catalina Apostoiu)