John Wood Group PLC, a prominent engineering and consulting firm, announced on Thursday that it has been awarded a contract by Romanian energy company OMV Petrom S.A. This project aims to enhance sustainable fuel production in Southeast Europe, though the financial specifics of the agreement remain confidential.
Following the successful completion of the front-end engineering and design (FEED) phase for this initiative, John Wood is set to advance to engineering, procurement, and construction management (EPCm). The focus is on establishing a cutting-edge bio-hydrotreater unit along with associated storage facilities at the refinery location.
Upon completion, the Petrobrazi refinery in Romania will stand as the region's inaugural large-scale facility dedicated to the production of sustainable aviation fuel (SAF).
The implementation of this project will enable the production of SAF, a sustainable alternative that significantly reduces CO2 emissions compared to conventional fossil-based kerosene. This process will utilize hydrotreating vegetable oil (HVO) through Honeywell UOP's Ecofining technology.
The enhancements slated for the Petrobrazi refinery and its capability to produce SAF align with the European Commission's objectives of achieving 6% SAF usage at EU airports by 2030 and increasing this to 70% by 2050. These efforts are integral to reducing carbon emissions within the aviation sector.
Ken Gilmartin, CEO of John Wood, expressed confidence in the project, stating, "Combining our world-class engineering and execution proficiency, Wood is well-positioned to successfully execute this project and establish Petrobrazi as Southeast Europe's foremost producer of sustainable fuels."
On Wednesday, John Wood Group's stock (WG.L) closed at 65.70 pence on the London Stock Exchange, marking a 0.77% decline.
The material has been provided by InstaForex Company -
www.instaforex.com
