India’s energy major Oil and Natural Gas Corporation Limited (ONGC) has signed a Memorandum of Understanding (MoU) with M/s Greenko ZeroC Private Limited (Greenko) for a joint venture on green hydrogen.
The two companies will jointly pursue opportunities in Renewables, Green Hydrogen, Green Ammonia and other derivatives of green hydrogen.
The MoU, valid for two years, was inked in New Delhi by ONGC Director Onshore Anurag Sharma and Greenko CEO & Managing Director Anil Kumar Chalamalasetty, in the presence of Union Minister of Petroleum and Natural Gas & Housing and Urban Affairs Hardeep Singh Puri.
This MoU is in line with the National Hydrogen Mission launched by Hon’ble Prime Minister in making India a global green hydrogen hub. The activities envisaged under this MoU will contribute towards India’s target of producing of 5 million tonnes of Green hydrogen per annum by 2030.
This MoU will also act as a stepping stone for ONGC to achieve renewable energy targets as per its Energy Strategy 2040. As the share of renewables in the energy mix is rising driven by cost competitiveness, climate change awareness and strong regulatory push, ONGC aims to meet its objectives such as de-risking of portfolio against long term disruptions and reducing carbon footprint by moving into renewables space, the ministry said.