IndianOil follows Mukesh Ambani, Gautam Adani in terms of green hydrogen

The three companies have signed a binding term sheet to jointly develop Green Hydrogen Project, while the state-run refiner and engineering major will form a separate partnership to build electrolysers for green hydrogen, according to a joint statement by the three firms. The partnership will focus on green hydrogen projects at IndianOil’s Mathura and Panipat refineries in North India.

Green hydrogen, produced from water and green electricity and considered the cleanest form of fuel, is a potential route to decarbonize heavy industries such as steel, cement and oil refineries. India, the world’s third largest emitter of greenhouse gases, plans to take the lead and has been backed by its richest billionaires, Mukesh Ambani and Gautam Adani. India aims to produce 5 million tonnes of green hydrogen by 2030, while its hydrogen demand is estimated to be 12 million tonnes.

India’s refineries consume about two million tonnes of hydrogen annually, the majority of which is carried by the Indian Oil Group, which has a third of the country’s oil processing capacity. IndianOil is already working towards producing 70,000 tonnes of green hydrogen by 2030, which will be 10% of its total consumption by that time. Refineries typically use hydrogen to remove sulfur from fuels such as diesel.

Renew Power, backed by investors such as Goldman Sachs Group Inc., and Larsen & Toubro, announced a joint venture in December to develop and operate green hydrogen projects in India that could attract more than $60 billion in investment . India is planning to build 15 gigawatts of electrolyser capacity and is considering production incentives to encourage local manufacturing to produce some of the world’s cheapest green hydrogen.

This story has been published without modification in text from a wire agency feed. Only the title has been changed.