Alina Oprea • 24 November, 2023 at 10:29 AM
OMV Petrom, a Romanian oil and gas producer, has signed the contract for the acquisition of 50% of the shares of the Romanian company "Respiră Verde" SRL, a company that collects used cooking oil. Waste cooking oil is one of the main renewable raw materials to produce sustainable aviation fuel (SAF) and biodiesel (hydrotreated vegetable oil - HVO). Their use in transport considerably reduces carbon emissions. When using SAF, CO2 emissions from commercial flights are approximately 80% lower than conventional fuel.
OMV Petrom announces that it has taken important steps to increase the share of biofuels. In 2022, Petrobrazi became the first ISCC-certified refinery in the country that can produce SAF and HVO by co-processing biological raw materials. OMV Petrom is considering expanding production capacities to make sustainable fuels obtained from a diverse range of residual raw materials, namely used cooking oil.
Completion of the transaction is expected to occur in the first quarter of 2024, subject to the fulfillment of certain conditions, including authorization by the Competition Council and by the Commission for the Examination of Foreign Direct Investments.
"We are looking for the best solutions to reduce emissions, and biofuels represent an opportunity to decarbonize transport. One of the goals of our 2030 strategy is for biofuels to represent more than 15% of total fuel production. With this transaction, we are taking a first step to ensure our access to the raw material necessary for the production of biofuels and we open the perspective of integrating the circular economy into our core activities", says Radu Căprău, member of the OMV Petrom Directorate, responsible for the Refining and Marketing activity.
Established 12 years ago, "Respiră Verde" collects up to 10,000 tons of used edible oil per year from economic agents in fields such as the hospitality industry (hotels, restaurants) and retail.
The company has its own transport fleet and two main warehouses, in Bihor and Ialomita. It aims to enter other European markets in the near future.
"Through this transaction, we join OMV Petrom and its efforts to reduce emissions and produce sustainable fuels. We have the same objectives regarding the used cooking oil market and we believe that together we will increase the level of collection in Romania and in the region", stated Ionuț Popșea, co-founder of "Respiră Verde".