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 July 26, ONGC and Greenko signed a memorandum of understanding (MoU), which 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 prime minister with the aspiration of making India a global green-hydrogen hub.

The activities included in the deal will contribute towards India’s target of producing 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 for 2040. The company aims to meet its objectives, such as de-risking its portfolio against long term disruptions and reducing its carbon footprint, by moving into renewables.

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1st August 2022