Abu Dhabi-based renewable energy firm Masdar has signed an agreement with Austrian Oil and Gas company OMV to explore producing green hydrogen to decarbonize industrial processes in OMV’s refineries.  

The non-binding heads of terms agreement, between the UAE-based company and Vienna-headquartered OMV, forms the basis of a plan to develop an industrial large scale electrolysis plant, with a view to making a final investment decision in the second half of 2024.  

The agreement follows an MoU signed earlier this year.  

Masdar chief green hydrogen officer Mohammed Abdelqader El Ramahi said Masdar aims to produce one million tonnes of green hydrogen annually by 2030.  

OMV has committed to a target of being climate neutral by 2050, in part by using green hydrogen via electrolysis from renewable electricity for use in its refineries. 

(Reporting by Imogen Lillywhite; editing by Brinda Darasha)