BPCL and Sembcorp Form Joint Venture to Power India's Low-Carbon Future

Bharat Petroleum Corporation Limited (BPCL), a Fortune Global 500 Company and proud 'Maharatna,' has achieved a significant milestone. Bharat Petroleum Corporation Limited (BPCL) and Sembcorp Green Hydrogen India Private Limited (SGHIPL), a wholly-owned subsidiary of Sembcorp Industries (Sembcorp) have entered into a joint venture (JV) agreement to explore renewable energy and green hydrogen projects across India. This strategic partnership aims to support India's energy transition and development goals.

The JV will explore renewable energy projects and green hydrogen production. It will also consider projects in green ammonia production & bunkering, 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.

Speaking about the partnership, Shri G Krishnakumar, Chairman & Managing Director, BPCL, said, "BPCL's collaboration with Sembcorp marks a significant milestone in our journey towards a sustainable tomorrow. We will leverage our combined aspirations, expertise and resources, to jointly explore the development of innovation-led, best-in-class renewable energy and green hydrogen solutions for supporting India's ambitious climate goals and our own aspiration to achieve net-zero emissions by 2040 in Scope 1 and 2. We are committed to building a robust renewable energy portfolio, with a target of 10 GW, to meet the energy needs of tomorrow and become a Net Zero Energy Company by 2040."

Shri Vipul Tuli, President & CEO, Renewables, West, and CEO, Hydrogen Business, Sembcorp, said, "This collaboration with BPCL seeks to support renewable energy and green hydrogen development in India. With Sembcorp's renewables expertise and BPCL's strength in the petroleum sector, we look forward to identifying opportunities to help decarbonise hard-to-abate sectors. Sembcorp is committed to delivering scalable, low-carbon solutions for a sustainable future."

Sembcorp is pursuing the use of green hydrogen and ammonia as key decarbonisation pathways. With 6GW of renewables assets in India, Sembcorp is well-positioned to enable large-scale, low-cost green hydrogen production.

Shares of Bharat Petroleum Corporation Limited was last trading in BSE at Rs. 285.70 as compared to the previous close of Rs. 274.40. The total number of shares traded during the day was 1408974 in over 21994 trades.

The stock hit an intraday high of Rs. 287.40 and intraday low of 275.40. The net turnover during the day was Rs. 398474074.00.

Source : Equity Bulls

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BharatPetroleumCorporation INE029A01011 BPCL Sembcorp JV