The Petroleum and Natural Gas Ministry has approved for the formation of a subsidiary company of Oil and Natural Gas Corporation Limited (ONGC) for green energy and gas business.
This company will deal with businesses related to green hydrogen, hydrogen blending, renewable energy solar, wind and hybrid etc., biofuels, biogas business and LNG, told on the ONGC’s board meeting on Tuesday. As an outcome of the meeting, the proposed name of the company is “ONCG Green Limited” which is subject to the approval of the Ministry of Corporate Affairs, government of India.
India also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070. India, the world’s third-biggest oil importer and consumer, is dependent on crude oil from various sources in the global market to meet its domestic demand.