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OMV Petrom enters market for sale of liquefied natural gas

business-review.eu
OMV Petrom

OMV Petrom has obtained the license for the sale of liquefied natural gas, thus diversifying its activities on the market for the sale of gas and related products, according to a company's release issued on Monday for agerpres.

LNG (liquefied natural gas) offers a cleaner mobility alternative, with up to 15% lower CO2 emissions, 50% less nitrogen oxide emissions and 50% noise reduction compared to diesel trucks.

"OMV Petrom's entry into this market is a natural evolution. We believe that natural gas has an essential role in Romania's energy transition, especially given that we can access these resources. Natural gas has multiple applications in electricity production, transportation and in the industry, while contributing to both reducing emissions, strengthening energy security and liquefied natural gas is a cleaner solution for mobility," said Franck Neel, a member of OMV Petrom's management responsible for Downstream Gas.

Natural gas, through liquefaction, can be stored and transported safely over very long distances, with a high degree of economic and energy efficiency.

Liquefied natural gas can be used in the mobility sector, offering an alternative to conventional fuels, with up to 15% lower CO2 emissions, 50% less nitrogen oxide emissions and 50% noise reduction compared to diesel trucks.

Liquefied natural gas is also a solution for supplying areas that are not connected to natural gas networks.

In terms of industrial applications, liquefied natural gas can be used as an energy source, providing additional efficiency and operability.

OMV Petrom is the largest energy company in Southeast Europe, with an annual oil and gas production at group level of 53 million barrels of oil equivalent in 2020.

The group has a refining capacity of 4.5 million tons per year and operates a high-efficiency 860 MW power plant.

On the retail petroleum products distribution market, the Group is present in Romania and neighboring countries through 790 gas stations, at the end of March 2021, under two brands, OMV and Petrom.

OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, owns 51% of OMV Petrom.

The Romanian state, through the Ministry of Energy, holds 20.6% of OMV Petrom's shares, Fondul Proprietatea holds 7%, and 21.4% is freely traded on the Bucharest Stock Exchange and the London Stock Exchange.

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