Motor Oil Group makes decisive progress in its green transformation with the support of the E.E. Innovation Fund

On Thursday 13 July 2023, the European Union’s Innovation Fund has selected Motor Oil’s IRIS project for funding of €127 million, subject to the successful completion of the Grant Agreement Preparation process. A total of 239 proposals were submitted claiming €18 billion against a budget of €3.6 billion, and 41 projects were selected, of which 8 in the “general carbonisation” category, including the IRIS project.

 Specifically, the IRIS project concerns the capture of carbon dioxide from the hydrogen production unit of the Motor Oil refinery. IRIS will drastically reduce the refinery’s carbon footprint while demonstrating an industrial ecosystem of ultra-low carbon hydrogen production and its utilisation as a clean energy vector. This project will enable Motor Oil to substantially reduce its carbon footprint, produce 56,000 tons per year of blue hydrogen that meets all sustainability limits and finally lay the foundations for the production of e-fuels through the construction and operation of a new low-carbon synthetic methanol production unit. This is an important development in the context of Motor Oil’s green transformation and its potential to lead the next day in the energy sector. With a 2030 horizon, Motor Oil is already moving ahead dynamically with the largest energy transition investment plan, in Southeast Europe, totaling €4 billion, which highlights its strategic priorities This is a plan that reflects its commitment to responsible action, enhancing energy efficiency, accelerating the penetration of renewable energy sources, and investing in new sustainable technologies.