Masdar signs agreement with OMV to produce Green Hydrogen

Masdar signs agreement with OMV to produce Green Hydrogen

COP28, Expo City, Dubai: Masdar, one of the world’s fastest growing clean energy companies, has signed a non-binding Heads of Terms (HoT) development agreement with OMV, the integrated company for energy, fuels & feedstock, chemicals and materials, to explore in partnership the production of green hydrogen for the decarbonization of industrial processes in OMV’s refineries.  The non-binding HoT 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 Heads of Terms development agreement was signed at the UN climate change conference, 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 tonnes 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