IOCL and NTPC Limited to establish joint venture company

Indian Oil Corporation Limited (IOCL) and NTPC Limited have announced the establishment of their joint venture company to address the power requirements of the forthcoming refinery projects of IOCL through renewable energy sources. Through this collaboration, IOCL intends to fulfill the extra power requirements of its refineries by utilising round-the-clock renewable energy of up to 650 MW by the end of December 2024.

In July 2022, NTPC Renewable Energy Limited (NTPC REL) and National Fertilizers Limited (NFL) signed a memorandum of understanding to collaborate on renewable energy and green ammonia. The collaboration seeks to work upon finding opportunities for supplying 90 MW of round-the-clock renewable energy in a phased manner. The first phase would constitute 30 MW and the second phase would constitute 60 MW. Also, 50 TPD green ammonia synthesis for captive use will be deployed for producing NFL industrial products.

In the same month, NTPC REL signed an MoU with the government of Rajasthan for the deployment of a 10 GW mega renewable energy power park in Rajasthan. The development is in line with NTPC’s target of adding 60 GW of renewable energy capacity by 2032.

Recently in June 2022, IOCL signed a long-term supply agreement with Air Products in which the latter will build, own, and operate a new industrial gas complex in Bihar that will supply hydrogen, nitrogen, and steam to IOCL’s Barauni refinery. The new industrial gas complex will help IOCL expand its capacity at its Barauni complex from six million tonnes per year to nine million tonnes per year, producing Euro-VI or BS-VI compliant gasoline and diesel.

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