OMV Petrom acquires stake in cooking oil Co

OMV Petrom, the largest integrated energy company in Southeastern Europe, has signed an agreement to purchase 50% of the shares of the Romanian company "Respiră Verde", 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

Used cooking oil is one of the main renewable feedstocks to produce sustainable aviation fuel (SAF) and biodiesel (hydrotreated vegetable oil - HVO¹), therefore leading to reduced carbon emissions within the transportation sector. By using SAF, CO2 emissions from commercial flights are approximately 80% lower than conventional fuel.

Radu Caprau, member of OMV Petrom's Executive Board, responsible for Refining and Marketing: "We are looking for the best solutions to reduce emissions, and biofuels offer an opportunity to decarbonise transportation. One of the targets of our 2030 strategy is for biofuels to account for more than 15% of total fuel production.

Through this transaction, we take a first step towards ensuring our access to the raw material necessary to produce biofuels and open up the prospect of integrating the circular economy into our core activities."

Founded 12 years ago, "Respiră 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 Ialomița. It aims to expand its activity on other European markets in the near future.