Responding to environmental needs in Romania: plans for a hydrogen plant for 0.5 – 1 billion euros

The biggest Romanian chemical group will receive funding from the EU to build a new petrochemical plant

Chimcomplex, the biggest Romanian chemical group, plans to build a new hydrogen production plant that will work in a response to contemporary environmental needs. The European Union’s Green Deal and the Energy Efficiency Fund will finance the project, which will cost between 500 million euros and 1 billion euros.

The plant will absorb carbon dioxide

Oltchim Râmnicu Vâlcea platform owned by Ştefan Vuza is a petrochemical plant that will work to reduce the footprint in the environment and absorb carbon dioxide. The submission of the project requires experts in the field and research institutes in hydrogen and cryogenics, which will aid in launching the plan.

This will also include part of the Romanian chemical industry in the project. These will be companies such as the fertilizer producer Azomures, medicines producer Terapia and academic institutes and universities.

The two companies, Chimcomplex and Oltchim, merged two years ago. In 2018 Chimcomplex took a loan from the London financial market, which led it to nearly finalising the merger by buying all assets of Oltchim for 164 million euros.

Last year’s profit of the company was 6 million euros net setting up the scene for future investments in the chemical industry. Chimcomplex (CHOB), which is registered on the Bucharest Stock Exchange, has a current investment growth operation through which it plans to acquire 73 million euros.

Respond to Green Deal Pact is the next step

The next step is to respond to the enquiries from the EU about lowering the impact of CO2 and the adaptation of the Green Deal Pact. The companies try to reduce the effect of other industries that release carbon dioxide into the atmosphere. Chimcomplex is among the first two companies in the EU to adopt this practice.