Austria’s OMV will invest in co-processing at its Schwechat refinery to manufacture hydrotreated vegetable oil (HVO).
OMV will invest EUR200 million (USD247 million) at its 200,000 bpd Schwechat refinery. By 2023, the co-processing will enable the company to transform roughly 160,000 tpa of biomass into CO2-neutral road fuels.
OMV will process vegetable oils and waste products including used cooking oil (UCO) and advanced feedstock, based on availability.
The investment is part of OMV’s target to increase its share of carbon-free products and natural gas to no less than 60% by 2025.
The company opined that demand for HVO would surge ten-fold by 2030 as road fuel suppliers tend to use more HVO to comply with blending regulations managing the greenhouse gas (GHG) emissions.
