The state-run Bharat Petroleum Corp. signed a joint venture agreement with Singapore's Sembcorp to explore renewable energy and green hydrogen projects across India, according to a joint release issued on Tuesday.
The partnership is aimed at supporting India's energy transition and development goals, the companies said.
The JV will consider projects in green ammonia production and bunkering, along with emissions reduction for port operations and other emerging green fuel technologies. The potential projects will leverage Sembcorp's renewables experience and BPCL's expertise in the petroleum sector and infrastructure, the release added.
"BPCL's collaboration with Sembcorp marks a significant milestone in our journey towards a sustainable tomorrow," said G Krishnakumar, chairman and managing director of BPCL.
"BPCL is committed to building a robust renewable energy portfolio, with a target of 10GW, to meet the energy needs of tomorrow and become a net zero energy company by 2040,” he added.
Vipul Tuli, the chief executive officer - hydrogen business of Sembcorp, said the company is looking forward to "identify opportunities to help decarbonise hard-to-abate sectors".
Sembcorp, an energy and urban solutions provider headquartered in Singapore, has an energy portfolio of 25.1 gigawatt, including 17 GW of gross renewable energy capacity, across 11 countries.
"With 6GW of renewables assets in India, Sembcorp is well-positioned to enable large-scale, low-cost green hydrogen production," the release said.
Before the JV agreement was announces, shares of BPCL on Tuesday closed 4.12% higher at Rs 285.7 apiece, as compared to 1.49% rise in the benchmark Sensex.
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