500 Tonnes of SAF: OMV Powers Ryanair's Journey
OMV, the Vienna-based conglomerate specialising in energy, fuels, feedstock, chemicals, and materials, has joined hands with Ryanair, Europe's leading airline group.
Together, they've unveiled a groundbreaking offtake agreement aimed at delivering 500 metric tonnes of Sustainable Aviation Fuel (SAF) to Vienna Airport in 2023.
This momentous development is a pivotal component of the Memorandum of Understanding (MoU) between the two companies, affording Ryanair an exclusive opportunity to acquire up to 1,60,000 metric tonnes of SAF from OMV until 2030. This 500-tonne offtake agreement is projected to curtail over 1,250 metric tonnes of CO2 emissions, equivalent to roughly 100 Ryanair flights from Dublin to Vienna.
For OMV, this agreement marks a significant stride toward achieving its goal of elevating sustainable fuel and chemical feedstock production to 1.5 million metric tonnes annually by 2030.
In pursuit of its ambitious sustainability objectives, OMV is implementing a range of measures, with SAF playing an indispensable role in this transformation. Aligned with the strategic vision for the aviation sector, OMV aspires to become a frontrunner in the regional supply of SAF, capitalising on its existing infrastructure advantage.
Today's announcement underscores Ryanair's unwavering commitment to reach its 12.5% SAF target by 2030. Ryanair has already made considerable strides in this regard, including its collaboration with Trinity College Dublin to establish the Ryanair Sustainable Aviation Research Centre.
Additionally, the airline is making a substantial investment of USD 22 billion in its 'Gamechanger' fleet, designed to reduce CO2 emissions by consuming 16% less fuel. Furthermore, they've placed an extra order worth USD 40 billion for 300 Boeing 737 MAX-10 aircraft, which consume 20% less fuel while accommodating 21% more passengers.
OMV manufactures SAF by employing a co-processing approach with sustainable and locally sourced raw materials, notably used cooking oil, at its Schwechat refinery in Austria. When compared to conventional jet fuel, SAF contributes to a remarkable reduction of over 80% in greenhouse gas emissions throughout its life cycle.
Martijn van Koten, OMV's Executive Vice President of Fuels & Feedstock, commented, "We are cultivating a growth-oriented venture for Sustainable Aviation Fuel to support the industry's transition towards a more sustainable future. We take pride in our partnership with Ryanair, enabling both organisations to leverage their expertise in promoting SAF usage. This move facilitates the shift towards more sustainable energy sources and helps mitigate the environmental impact of aviation."
Ryanair's Head of Sustainability, Steven Fitzgerald, remarked, "SAF plays a pivotal role in our Pathway to Net Zero decarbonisation strategy, in which we've pledged to increase our utilisation of SAF in the years ahead. Our agreement with OMV further bolsters this commitment. OMV stands as a key ally for Ryanair in Austria, Germany, and Romania, and we eagerly anticipate expanding this partnership as Europe's premier airline group."
To view and compare company ESG Ratings and Sustainability Reports, visit our Company ESG Profiles page.