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OMV PETROM S.A.

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OMV Petrom S A : successfully completed the first delivery of liquefied natural gas in Romania

09/20/2021 | 11:18am EDT

OMV Petrom, the largest energy company in South-Eastern Europe, made the first LNG delivery to Damen Shipyards Mangalia, the largest shipyard in South-Eastern Europe.

The product was used to fuel a ship equipped with LNG engines. It is the first ship of this type, built in Romania, in the Damen Shipyard, in Mangalia.

Radu Cpru, member of the OMV Petrom Executive Board, responsible for Downstream Oil: 'The transport sector, which plays an essential role in the mobility of goods and people, is also one of the sectors in which efficient and comprehensive emissions reduction measures are needed. OMV Petrom is and will continue to be part of the solution, with a mixed products portfolio that meets the mobility needs of our country. The first LNG delivery in Romania is another step we are taking in expanding the offer of low-emission transport products'.

Franck Neel, member of the OMV Petrom Executive Board, responsible for Downstream Gas: 'In the context of the energy transition, the use of LNG in transportation and industry can lead to a significant reduction in carbon emissions and pollutants. Romania has a significant potential for natural gas, and capitalizing on it, liquefaction included, opens new horizons for the Romanian economy and contributes to the climate agenda objectives.'

Florin Sptaru, member of the Board of Directors of Damen Shipyards Mangalia: 'We are pleased to see the collaboration between two industry leaders in Romania and beyond, who made possible a premiere: it is the first time such a ship is built in Romania and this proves that the Romanian naval industry is able to implement very complex and innovative projects with high technological level'.

The first LNG delivery in Romania, made by OMV Petrom, implied coordinating and managing for the first time a complex process in which several partner companies were involved, while being compliant with all safety measures. This translated into two separate transports of two tankers each, which fueled the tank of the first LNG operated ship in Romania.

By cooling natural gas at -162-degreeC and through liquefaction it reduces its volume by approximately 600 times compared to the gaseous state. Thus, it can be stored and transported safely over very long distances, with higher economic and energy efficiency. LNG is a transitional alternative for a cleaner transport, especially for the transport segments that are more difficult to decarbonize such as heavy road freight and naval transport. By using LNG in transportation, the CO2 emissions decrease by 15%, the nitrogen oxide emissions drop by 50% and the heavy particles are 99% lower.

In addition, LNG does not generate sulfur emissions and this way is compliant with the strict provisions of International Maritime Organization.

About OMV Petrom

OMV Petrom is the largest integrated energy company in South-Eastern Europe, with an annual Group hydrocarbon production of 53 million boe in 2020. 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 789 filling stations, at the end of June 2021, under two brands - OMV and Petrom.

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, Fondul Proprietatea holds 7%, and 21.4% is the free float on the Bucharest Stock Exchange and the London Stock Exchange.

OMV Petrom is the largest contributor to the state budget, with contributions of approximately 32 billion euro in taxes and dividends paid between 2005 and 2020.

Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2020, the company has allocated approximately 72 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.

Contact:

Tel: +4 021 40 22201

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
OMV AG -0.91% 54.46 Delayed Quote.66.55%
OMV PETROM S.A. -0.51% 0.4875 End-of-day quote.34.11%
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