ONGC inks MoU with Greenko for green hydrogen, derivatives

28 Jul 2022 CW Team

The Oil and Natural Gas Corp (ONGC) has signed a memorandum of understanding with Greenko ZeroC Pvt Ltd to jointly pursue opportunities in renewable energy, green hydrogen, green ammonia, and other derivatives of green hydrogen. Greenko is one of India’s leading renewable energy companies.

The MoU, valid for two years, was inked in New Delhi by ONGC director onshore Anurag Sharma and Greenko chief executive and managing director Anil Kumar Chalamalasetty. It is in line with the government’s National Hydrogen Mission, aimed at making India a global green hydrogen hub, the companies said in a press statement.

The activities envisaged under the MoU will contribute toward India’s target of producing 5 million tonnes of green hydrogen per annum by 2030. It will also act as a stepping stone for ONGC to achieve renewable energy targets as per its Energy Strategy 2040. ONGC said as the share of renewables in the energy mix is rising, driven by cost competitiveness, climate change awareness and a strong regulatory push, ONGC aims to meet objectives such as de-risking its portfolio against long term disruptions and reducing carbon footprint by moving into the renewables space.

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