14 Feb 2020 10:23
OMV Petrom S.A.
Investor News
February 14, 2020
New low-sulfur marine fuel oil produced at Petrobrazi, following EUR 3 million investment
► OMV Petrom developed at Petrobrazi refinery a new marine fuel oil that supports the shipping industry in reducing sulfur emissions
OMV Petrom, the largest energy company in South-Eastern Europe, developed at the Petrobrazi refinery a new marine fuel oil with low sulfur content of up to 0.5%. This product is unique to the Romanian market. The fuel allows shippers to reduce sulfur emissions and to be compliant with the International Maritime Organization (IMO) 2020 regulations. The first delivery took place in Port Constanța, at the end of the last year.
The process of obtaining low-sulfur marine fuel oil was possible with a EUR 3 million investment in the production logistics facilities at the Petrobrazi refinery. The implementation of the project took almost two years. By the end of last year, shipping carriers used heavy fuel oil with a sulfur content of 3.5%. The new marine fuel oil obtained at the Petrobrazi refinery has only up to 0.5% sulfur content, in line with the IMO global sulfur limit applicable to the shipping industry starting from this year.
Up until the launch of this product, the Romanian market was supplied exclusively by import. From now on, at Petrobrazi refinery, at least 70Kt of marine fuel oil with low sulfur content can be produced annually, subject to production optimization to meet demand and maximize value added.
OMV Petrom supports the maritime transport industry with a sustainable solution, both economically, as well as from the perspective of environmental protection. According to IMO, by limiting the sulfur content in ships' fuel oil to 0.5%, an annual 77% drop in sulfur emissions can be achieved, which means 8.5 million metric tons of sulfur per year globally. This has a positive impact on the quality of life in the communities of the port and coastal cities.
According to European Commission data, 90% of the European Union`s external trade in goods is maritime and over 400 million passengers transit trough the European ports, annually.
About OMV Petrom
OMV Petrom is the largest energy company in South-Eastern Europe, with an annual Group hydrocarbon production of 55.4 million boe in 2019. 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 793 filling stations, at the end of 2019, under two brands - OMV and Petrom.
OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.011% stake in OMV Petrom. The Romanian State, through the Ministry of Economy, Energy and Business Environment, holds 20.639% of OMV Petrom shares, Fondul Proprietatea holds 9.998%, and 18.352% 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 30.4 billion euro in taxes and dividends paid between 2005 and 2019.
Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007-2019, the company has allocated approximately 66 million euro to develop communities in Romania, focusing on environmental protection, education, health and local development.
Contact:
OMV Petrom Investor Relations
Tel: +40 372 161930, Fax: +40 372 868518
E-mail: investor.relations.petrom@petrom.com