OMV Petrom, the largest integrated energy company in Southeast Europe, signed the contract for the acquisition of 50% of the shares of the Romanian company “Respiră Verde” SRL, a local leader in the collection of 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.
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.
“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 ensures 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,” said 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.