Indian Oil Corp Forms Joint Ventures to Develop Green Hydrogen

Indian Oil Corporation and Larsen & Turbo and ReNew Power will form a joint venture to develop the green hydrogen sector, helping India to cut its carbon emissions. All three companies have signed a binding term sheet to develop green hydrogen together.

India, the world's third-largest carbon dioxide emitter, plans to produce 5 million tonnes of green hydrogen annually by 2030 to meet its climate goals and become a hub for fuel production and exports. 

Many Indian companies, including the richest men in India Mukesh Ambani and Gautam Adani, have announced their plans to produce green hydrogen. Green hydrogen has some of the best environmental credentials among cleaner-burning fuels that are helpful to replace carbon-emitting fuels used in the refinery to process crude oil into value-added products.

The chairman of IOC, SM Vidya has said that the partnership will focus on green hydrogen projects at IOC’s Mathura and Panipat refineries in northern India and evaluate building other green hydrogen projects in the country. India also wants to mandate the use of green hydrogen in refineries and fertiliser plants, so it plans to support the construction of electrolytic cells with federal funding.