India’s state-run Indian Oil Corporation (IOC), engineering and construction major Larsen & Toubro (L&T), and renewable energy player ReNew Power have announced a joint venture (JV) company to develop the nascent green hydrogen sector in India, according to Kemicalinfo.
The tripartite venture is a synergistic alliance that brings together the strong credentials of L&T in designing, executing, and delivering EPC projects, IndianOil’s established expertise in petroleum refining along with its presence across the energy spectrum, and the expertise of ReNew in offering and developing utility-scale renewable energy solutions.
Additionally, IndianOil and L&T have signed a binding term sheet to form a JV with equity participation to manufacture and sell Electrolyzers used in the production of Green Hydrogen.
SN Subrahmanyan, chief executive officer and managing director of L&T, said the JV would focus on developing the projects in a time-bound manner to supply green hydrogen at an industrial scale.
“While L&T will bring its strong EPC credentials to the table, IOC being India’s premier oil refiner with extensive capabilities in chemical processes and refining has established deep R&D capabilities in many aspects of the green hydrogen value chain. ReNew Power has in a short time established itself as a leading renewable energy supplier and has built itself a very strong reputation,” he said.
Additionally, IndianOil and L&T have signed a binding term sheet to form a JV with equity participation to manufacture and sell electrolyzers used in the production of green hydrogen.
“Both these JVs aim to enable the nation’s ‘Aatmanirbhar Bharat’ mission to rapidly build, expand, and bring in economies of scale to make green hydrogen a cost-effective energy carrier and a chemical feedstock for many sectors,” Subrahmanyan said.
The planned JVs aim to enable India’s transition from a grey hydrogen economy to a greener economy that increasingly manufactures hydrogen via electrolysis powered by renewable energy.
The central government in February notified the Green Hydrogen policy aimed at boosting production of green hydrogen and green ammonia to help the nation become a global hub for the environmentally friendly version of the element.
Mukesh Ambani’s Reliance Industries recently announced setting up a facility to produce green hydrogen. Adani Enterprises also announced a new company - Adani Petrochemicals - to venture into green fuels.
As MRC informed before, IOC, the country's top refiner, will increase crude purchases from Iraq by 11.5% in 2022 to 390,000 bpd, partly to make up for a shortfall from Mexico and a possible supply cut from Kuwait. Iraq is the top supplier of oil to India and its market share there is set to rise as another refiner Hindustan Petroleum Corp. will also buy more crude from the Middle Eastern nation. India is the world's third biggest oil importer.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,487,450 tonnes in 2021, up by 13% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market totalled 1,494.280 tonnes, up by 21% year on year. Deliveries of homopolymer PP and PP block copolymers increased, whereas shipments of PP random copolymers decreased significantly.
MRC