BPCL & Sembcorp form JV for renewable energy & green hydrogen in India

Bharat Petroleum Corporation (BPCL) announced that Sembcorp Green Hydrogen India, a wholly owned subsidiary of Sembcorp Industries, will form a 50:50 joint venture (JV) with BPCL to develop renewable energy & green hydrogen projects across India.

This strategic partnership aims to support India's energy transition and development goals. The collaboration will focus on the production, operation, and sale of renewable energy and green hydrogen, along with its derivatives.

"The JV will also consider projects in green ammonia production and bunkering, emissions reduction for port operations, and other emerging green fuel technologies," it said. "The potential projects will leverage Sembcorp's renewables experience and BPCL's expertise in the petroleum sector and infrastructure."

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

Speaking about the partnership, G. Krishnakumar, chairman & managing director of 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.

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 Sembcorps renewables expertise and BPCLs 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."

Bharat Petroleum Corporation (BPCL) is the second largest Indian oil marketing company (OMC), engaged in the refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted 'Maharatna' status, joining the elite club of companies having greater operational & financial autonomy. The Government of India holds a 52.98% stake in BPCL as of 31 December 2024.

The company reported a 36.85% jump in standalone net profit to Rs 4,649.20 crore in Q3 FY25, compared to Rs 3,397.27 crore posted in Q3 FY24. Net sales (excluding excise duty) declined 2.02% year on year (YoY) to Rs 1,13,135.8 crore in the December 2024 quarter.

Shares of BPCL fell 2.81% to Rs 281.20 on the BSE.

Powered by Capital Market - Live News