To attain inexperienced vitality milestone, ONGC charts buyout route

Though not in a “tearing hurry”, state-owned Oil and Natural Gas Corporation (ONGC) is taking a look at acquisitions to achieve its goal of 10 GW of put in renewable vitality capability by 2040.
“Renewables seem to be making a lot of business sense today. We are looking at the possibility of inorganic investments,” stated ONGC Chairman Subhash Kumar in an analyst name. He, nonetheless, stated the corporate was not in a “tearing hurry” to achieve its goal shortly because it was not instantly essential from a advertising perspective, since India imported about 85 per cent of its crude oil necessities.
“No significant allocation (for renewables) is there in this Rs 32,000 crore (capex plan),” he stated.
ONGC had about 178 MW of put in renewable vitality capability on the finish of FY20.
Both upstream and downstream oil and fuel gamers in India are making investments in renewable vitality, aware of a possible shift in vitality consumption away from fossil fuels. India’s largest oil advertising firm, Indian Oil Corporation (IOC), has already put in renewable vitality capability of 233 MW, of which 167.6 MW is wind energy capability and 63.4 MW is solar energy capability. The firm has launched pilot initiatives for gasoline stations, providing battery swapping for electrical autos.
The state-owned refiner can also be planning on constructing a inexperienced hydrogen plant in Mathura, the nation’s first, to be used in its refineries. At current, brown and gray hydrogen, that are produced by way of coal gasification or by utilizing pure fuel, are employed in refineries within the manufacturing technique of petroleum merchandise.
Highlighting the inexperienced credentials of the proposed Mathura plant, IndianOil Chairman S M Vaidya stated the corporate would use energy sources from its personal wind energy initiatives in Rajasthan to “produce absolutely green hydrogen through electrolysis.”

The authorities has set put in renewable vitality capability goal of 450 GW, up from the present 100 GW.
Prime Minister Narendra Modi, in his Independence Day deal with, introduced the National Hydrogen Mission, with the intention of turning India into a world hub of inexperienced hydrogen.