UAE – Mubasher: Abu Dhabi Future Energy Company (Masdar) recently signed a non-binding Heads of Terms (HoT) development agreement with Vienna-headquartered OMV to jointly explore the production of green hydrogen for the decarbonisation of industrial processes in the Austrian company’s refineries.

The agreement was signed at the UN climate change conference (COP28) in Dubai, following an initial memorandum of understanding (MoU) penned between the two parties in Abu Dhabi earlier in 2023, according to a press release.

Masdar and OMV agreed at COP28 to develop an industrial large scale electrolysis plant that will be powered by renewable energy, with plans to make a final investment decision in the second half (H2) of 2024.

Masdar’s Chief Green Hydrogen Officer, Mohammad Abdelqader El Ramahi, said: “This cooperation agreement with OMV is another step in the right direction towards building a robust hydrogen value chain and supports our ongoing aim of 1 million tonnes of green hydrogen per annum globally by 2030.”

OMV intends to become climate neutral by 2050 by working on using and producing green hydrogen through electrolysis from renewable electricity for use in its refineries.

Earlier in December 2023, the UAE company penned a development agreement with the Jordanian Ministry of Energy and Mineral Resources to develop a green hydrogen plant.