Masdar signs agreement with OMV to produce green hydrogen

Photo: Masdar

Masdar, one of the world’s fastest growing clean-energy companies, has signed a nonbinding development agreement with Vienna, Austria-based OMV, an integrated energy, fuels and feedstock, chemicals and materials company, to explore in partnership the production of green hydrogen for the decarbonization of industrial processes in OMV’s refineries. 

The nonbinding agreement forms the basis of a joint agreement to develop an industrial large-scale electrolysis plant, which will be powered by renewable energy.  

The partners will collaborate to develop the project and plan to make a final investment decision in the second half of 2024. 

The agreement was signed at COP28 in Dubai and follows an initial memorandum of understanding (MOU) that was signed between the two parties in Abu Dhabi earlier this year. 

“This cooperation agreement with OMV is another step in the right direction towards building a robust hydrogen value chain and supports our ongoing aim of 1 million metric tons of green hydrogen per annum globally by 2030,” said Mohammad Abdelqader El Ramahi, Masdar’s chief green-hydrogen officer. 

Masdar has been a pioneer in exploring hydrogen production since 2008 and is developing and investing in strategic projects and building scalable platforms in key markets around the world. 

In line with national and international climate goals, OMV has set a goal of becoming climate neutral by 2050 in its strategy.  

A central pillar in achieving this goal is the use and production of green hydrogen via electrolysis from renewable electricity for use in its refineries.