Indian energy major Oil & Natural Gas Corporation (ONGC) has signed a deal with clean-tech company Greenko ZeroC to jointly pursue opportunities in green hydrogen, and green ammonia.
On 26 July, ONGC and Greenko signed a memorandum of understanding (MoU). It is valid for two years. According to the MoU, the companies will jointly pursue opportunities in renewables, green hydrogen , green ammonia, and other derivatives of green hydrogen.
This MoU is in line with the National Hydrogen Mission launched by the Hon’ble prime minister in making India a global green hydrogen hub.
Therefore, the activities envisaged under this deal are to contribute towards India’s target of producing of five 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. The company aims to meet its objectives such as de-risking of portfolio against long term disruptions and reducing its carbon footprint by moving into renewables space.