New Delhi: Energy major Oil and Natural Gas Corporation Limited (ONGC) has signed a Memorandum of Understanding (MoU) with Greenko ZeroC Private Limited (Greenko) to jointly pursue opportunities in renewable, green hydrogen, green ammonia and other derivatives of green hydrogen.

The MoU, valid for two years, was inked here by ONGC Director, Onshore, Anurag Sharma and Greenko CEO and Managing Director Anil Kumar Chalamalasetty in the presence of Union Minister of Petroleum and Natural Gas and Housing and Urban Affairs Hardeep Singh Puri. Secretary, MoP & NG, Pankaj Jain, ONGC CMD Dr Alka Mittal along with ONGC Directors, other senior officials from MoP & NG, ONGC and Greenko were also present.

This MoU is in line with the National Hydrogen Mission launched by Prime Minister Narendra Modi in making India a global green hydrogen hub. The activities envisaged under this MoU 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 2040. As the share of renewable energy 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 renewable space. /BI/