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Published November 7, 2024

OMV Petrom and TAROM signed a contract for the supply of Sustainable Aviation Fuel (SAF)

  • TAROM becomes one of the first airlines in the region to align with European sustainability standards
  • OMV Petrom plans over EUR 1 billion investments for the decarbonization of transportation

Bucharest, 7 November 2024. OMV Petrom, the largest integrated energy producer in Southeast Europe, and TAROM, Romania’s national airline, announce the signing of a contract for the supply of sustainable aviation fuel (SAF), a first for Romanian aviation. Starting January 1, 2025, OMV Petrom will supply TAROM with SAF at four airports in Romania, in compliance with the requirements of the RefuelEU Aviation Regulation: Henri Coandă International Airport Bucharest, Avram Iancu International Airport Cluj, Traian Vuia International Airport Timișoara and Iași International Airport.

Radu Căprău, member of the OMV Petrom Executive Board, responsible for Refining and Marketing: “We are delighted to continue our partnership with TAROM, a long-standing relationship between two significant Romanian companies. This strengthens our business ties and underscores our commitment to sustainable transport. OMV Petrom is committed to applying European standards and achieving targets for a more sustainable future. As part of Strategy 2030, we plan the largest investment in the decarbonization of transportation in Romania, over 1 billion euro, including through the development of renewable fuels. This year, we took the final investment decision to build, at the Petrobrazi refinery, a production capacity of 250 kt/year of biodiesel and SAF, which is expected to enter production in 2028”.

TAROM, Romania’s national airline, becomes one of the first airlines in the region to align with European sustainability standards, thus making a significant contribution to reducing carbon emissions in aviation. The company continues its sustainable transformation efforts, having achieved first place for the lowest CO2 emissions in medium-haul flights in 2022 and 2023 at the SkyTeam Sustainable Flight Challenge, organized by the SkyTeam Alliance.

Costin Iordache, General Director of TAROM: ‘We are at a point when sustainability is becoming a central factor for the entire aviation industry, with the requirements for using SAF coming into effect in 2025. We are pleased to be among the leading companies in this initiative, with the support of OMV Petrom. Accelerating the use of sustainable aviation fuels is essential if we are to meet the environmental targets set for 2030, and the introduction of SAF for the TAROM fleet represents our firm commitment to adhering to European objectives”.

SAF, a fuel produced from renewable raw materials, reduces greenhouse gas emissions by over 80% throughout its entire life cycle compared to conventional kerosene.

As part of the European Union’s ‘Fit for 55’ initiative, the RefuelEU Aviation Regulation introduces the requirement to use SAF at a rate of 2% starting 2025, with a gradual increase to 70% by 2050 (6% in 2030). It also mandates fuel suppliers to provide sustainable aviation fuel at airports within the European Union. This regulation, applicable to all member states, aims to support the transition to low-emission aviation and encourages the use of SAF as the main element for decarbonizing the aviation sector.

About OMV Petrom

OMV Petrom is the largest integrated energy producer in Southeastern Europe, with an annual Group hydrocarbon production of approximately 41 million boe in 2023. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency gas-fired power plant. The Group is present on the oil products retail market in Romania and neighbouring countries through approximately 780 filling stations under two brands – OMV and Petrom. 

OMV Petrom is a company in which, as of end-2023, Romanian shareholders hold over 43% of the shares (of which the Romanian state, through the Ministry of Energy, holds 20.7%, and 22.5% are owned by pension funds in Romania, to which are added almost 500,000 individual investors and other Romanian entities). OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.2% stake in OMV Petrom, and the remaining 5.6% are held by other foreign investors. Of the total shares of OMV Petrom, 28.1% represents the free float on the Bucharest Stock Exchange. 

OMV Petrom is one of the largest contributors to the state budget, with approximately 42 billion euro in taxes and dividends paid between 2005 and 2023. During the same period, the company invested approximately 18 billion euro. 

Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2023, the company has allocated around 160 million euro to develop communities in Romania, focusing on environmental protection, education, health, and local development. 

On July 29th, 2020, OMV Petrom announced its support for the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD) regarding risks and opportunities on climate change. OMV Petrom annually reports on the progress made in implementing these recommendations.

About TAROM

The Romanian National Air Transport Company - TAROM was established in 1954 and operates under the authority of the Ministry of Transport. It has been a member of the SkyTeam Alliance since June 25, 2010. TAROM has a fleet of 18 aircraft and offers 70 destinations, either operated by its own aircraft or served by its partners in a code-share system. Since 1993, TAROM has been a member of the International Air Transport Association (IATA). More details about the products and services offered by TAROM can be obtained by visiting the website www.tarom.ro or by calling the Call Center for free at 004 021 99 78.