Austrian oil, gas and petrochemicals company OMV has signed a Heads of Terms (HoTs) with Masdar to explore the production and use of green hydrogen to decarbonise its refineries.
The non-binding HoTs forms the basis for a further agreement to develop a large-scale electrolysis plant, which would be powered by renewable energy.
With plans to develop the project and make a final investment decision in the second half of 2024, the agreement signed at COP28 builds off a Memorandum of Understanding (MoU) signed earlier in 2023.
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