Petronas and GIC Invest in India's Green Ammonia

01 Nov 2023 CW Team

Malaysia's Petronas and Singapore's sovereign wealth fund, GIC, have announced their joint investment in a green ammonia production project in India. The project, developed by AM Green, an initiative by the founders of clean energy company Greenko Group, aims to produce 5 million tonnes of green ammonia annually by 2030. This endeavour, known as AMG Ammonia, will utilise renewable energy around the clock. The substantial production capacity positions AMG Ammonia to become a global pioneer in large-scale green ammonia production. It is expected to serve key markets, including Germany, Japan, South Korea, and Singapore, with the first export of green ammonia targeted for late 2025.

Gentari, the renewable energy arm of Petronas, and GIC bring their respective expertise across the green hydrogen value chain, including renewable energy, electrolysers, ammonia production, and marketing capabilities to this collaboration. Together, they plan to invest in AMG Ammonia to realise the platform's potential, expand their presence in the Asia Pacific and Europe, and ensure a competitive hydrogen supply to the global market. This strategic partnership seeks to accelerate net-zero targets and contribute to the global low-carbon green economy.

The size and capacity of this project will significantly impact the decarbonisation of various industries, particularly in power generation and shipping, by promoting the adoption of green ammonia in OECD, Southeast, and East Asian economies. This initiative underscores the commitment to achieving a net-zero future through industry-level collaborations and complementary strengths.

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