OMV Petrom will invest 11 billion euro by 2030 to reduce carbon emissions, this being the largest private investment plan in the energy sector in Romania, according to the 2030 Strategy of the company “Transformation for a future with low carbon”, published on Tuesday on the website of the Bucharest Stock Exchange.

“Today we announce our 2030 Strategy, which will transform OMV Petrom into an integrated, low-carbon energy company, bringing value to all our stakeholders. To achieve this, we will invest 11 billion euro by 2030, the largest private investment plan in the energy sector in Romania, over 35% being intended for opportunities with low and zero carbon emissions,” said Christina Verchere, executive director of the company.

According to the quoted source, the strategy is built in three directions: the transition to a low and zero carbon business, the regional development of natural gas and the optimization of the traditional business.

“Our long-term investment in innovation and our people, as well as our commitment to the communities in which we operate, will make a significant contribution to this transformation. We anticipate that our 2030 strategy will have four defining results. First, it will generate significant growth in cash flow as we develop new businesses such as biofuels, renewable energy and future mobility and test new technologies. Secondly, itwill support our dividend policy, extremely competitive, up to 2030, offering our shareholders a 5% to 10% annual increase in the core dividend and a potential distribution of special dividends. Thirdly, it will have a significant impact on the transition to a lower carbon business and will reduce intensity of our carbon emissions in all business segments. Fourth, it will strengthen the security of the energy supply of Romania and South-Eastern Europe, as well as the EU’s energy resilience. In essence, we will continue to play a key role in providing energy for Romania – cleaner energy, delivered in a sustainable manner,” Verchere added, according to Agerpres.

OMV Petrom’s strategic ambition for 2030 is to be “a leader in Southeast Europe’s energy transition, seizing opportunities in our emerging markets,” with the goal of ensuring long-term sustainable economic growth and generating high cash flows, while ensuring attractive investments and returns for shareholders.

According to the 2030 Strategy, OMV Petrom’s desire is to achieve carbon neutrality in operations by 2050. The company will act in three key areas: decarbonizing current operations, expanding its natural gas business with lower emissions and pursuing low and zero carbon business opportunities.