New Delhi/Mumbai: NTPC Limited and Indian Oil Corporation (IOC) have signed a memorandum of understanding (MoU) to collaborate in the field of renewable energy (RE) and mutually explore opportunities for the supply of low carbon/RE Round-the-Clock (RTC) captive power. In an official joint statement released on Friday, the two energy PSUs of India said that NTPC and Indian Oil have come together for the generation and storage of RE or other forms of energy, including gas-based power, primarily to cater to Indian Oil refineries or other installations.
The MoU was signed on Friday in New Delhi in the presence of NTPC CMD Gurdeep Singh, Indian Oil’s Chairman Shrikant Madhav Vaidya and NTPC Limited’s Director (Commercial) CK Mondol, Indian Oil’s Director (R&D and P&BD) SSV Ramkumar. The signatories of the MoU were NTPC Limited’s Chief General Manager (BD) Sangeeta Kaushik and Indian Oil’s Executive Director (M&I) VK Raizada.
"This is a first-of-its-kind novel initiative by two leading national energy majors of India, to support the country’s commitment to achieve renewable energy targets and reduce greenhouse gas emissions," said the statement.
MoU: Green energy to power IOC's new projects
Speaking on the occasion of the signing of the MoU, Vaidya said, “As a global energy major, environmental priority is being weaved into every business aspect of Indian Oil and now, we intend to use green energy to power new projects and refinery expansions.”
NTPC Limited’s CMD Gurdeep Singh said, “NTPC is taking various steps to make its energy portfolio greener by adding significant capacity of renewable energy sources so that our non-fossil fuel-based capacity will become equal or greater than our thermal portfolio by 2032. Through this MoU, the strengths of both the organisations can be leveraged to achieve the aim of the country to meet its net-zero commitments.”
Indian Oil to meet 85% of its energy needs via RE
Indian Oil has plans to scale up its portfolio of renewable energy with solar, wind, etc., for refinery operations, thereby reaffirming its commitment towards environmental sustainability and reduction of carbon footprints. Indian Oil plans to meet 85 percent of the power requirement for new projects in its refineries primarily from renewable sources in the near future. Indian Oil is also well poised to leverage India's sustainable commitments through multiple green initiatives, including increased use of natural gas in all refineries, ethanol-blended Motor Spirit, sale of Compressed Biogas (CBG) and production of biodiesel using cooking oil as feedstock. IndianOil's R&D team has undertaken various pilot projects in the field of solar power, solar thermal and solar hydrogen and has been leading India's foray under the Government of India's National Green Hydrogen Mission.
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