OMV Petrom has signed an agreement to purchase 50 percent of the shares of the Romanian company “Respiră Verde SRL”, 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, after fulfilment of certain conditions, including the clearance of the Competition Council and of the Commission for Screening of Foreign Direct Investments.
Radu Căprău, 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 percent 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 in other European markets in the near future.
Ionut Popsea, “Respiră Verde” cofounder: “Through this transaction, we join OMV Petrom in its efforts to reduce emissions and produce sustainable fuels. We share the same goals regarding the used cooking oil market, and we believe that together we will increase the collection rate in Romania and the region.”
OMV Petrom has taken important steps to increase the share of biofuels. In 2022, Petrobrazi became the first ISCC2- certified refinery in the country capable of producing SAF and HVO by co-processing biological feedstocks. OMV Petrom is considering expanding its production capacity to produce sustainable fuels from a wide range of residual feedstocks, such as used cooking oil.
