Oil and Natural Gas Corporation (ONGC) is moving forward with its strategic expansion into emerging sectors by establishing a dedicated unit to oversee its gas business and clean energy initiatives.
The company recently obtained approval from the ministry of petroleum and natural gas for the creation of a wholly-owned subsidiary focused on gas-related activities and projects in the clean energy sector. The proposed name for the subsidiary is ‘ONGC Green Limited’.
The main objective of the new subsidiary is to manage the value chains associated with various energy businesses, including, but not limited to green hydrogen, hydrogen blending, renewable energy (solar, wind, and hybrid), biofuels/biogas, and liquefied natural gas (LNG).
As reported by moneycontrol, as part of its decarbonisation strategy, ONGC plans to allocate ₹1 lakh crore towards the installation of 10 GW of renewable energy capacity. Additionally, the company is gearing up to establish an annual production capacity of two million tons of green ammonia by 2035.
