Saras soars on the Stock Exchange, boosted by the good performance of oil and above all by the green hydrogen agreement signed with Enel Green Power. In mid-morning the shares of the oil company gained 10,6% reaching 0,709 euros. The number of exchanges is also high with over 10 million pieces already changed hands compared to an average of 8,5 million in an entire session in the last month.
The memorandum of understanding signed with Enel Green Power plans to build an igreen hydrogen plant in Sardinia which will allow to supply the refinery. In detail, the agreement establishes the use of a 20 MW electrolyser powered by renewable energy to supply green hydrogen to be used as raw material in the Saras refinery at the Sarroch industrial site, in the province of Cagliari.
“The signing of this memorandum of understanding – he comments Salvatore Bernabei, CEO of Enel Green Power – confirms the Enel Group's commitment to promoting the development of green hydrogen in Italy and around the world, accelerating the energy transition. We are constantly looking for collaborations to identify the best applications of this technology, particularly in industrial sectors that cannot be electrified and with emissions that are more difficult to reduce, including the chemical industry sector".
“Like Saras, we have been dealing with the challenges of the energy transition for some time and carefully – he comments Dario Scaffardi, CEO of Saras – and in recent years we have strengthened our skills base with a series of projects aimed at significantly reducing the "carbon footprint" of the refinery. This collaboration with Enel Green Power allows us to develop one of these with an ideal partner, the production and use of green hydrogen, considered today one of the strategies with the greatest potential for the decarbonisation of refining processes and the production of new generation fuels” .
Equita analysts point out that the plant will have “relevant dimensions for the green hydrogen segment”. According to the broker's calculations, 'the capex for the plant could be around 25 million euros and should be able to satisfy around 3%-4% of the refinery's hydrogen needs'. In fact, using the Air Liquide plant in Canada as a reference, which has the same capacity, "we estimate a production of 8 t per day combined with a saving of approximately 27 t of CO2 per year" and "the capex of the plant could fall in the national plan on hydrogen”. Based on these calculations, analysts believe the deal will have “marginally positive implications for the title, mainly linked to cost savings on emissions in the event of non-repayable loans for the project".
