State-owned Bharat Petroleum Corporation Limited (BPCL) and Sembcorp have entered into a joint venture agreement to explore renewable energy and green hydrogen projects across India.
The joint venture will also consider projects in green ammonia production and bunkering, emissions reduction for port operations and other emerging green fuel technologies.
Speaking about the partnership, G Krishnakumar, Chairman & Managing Director, BPCL, said, “BPCL’s collaboration with Sembcorp marks a significant milestone in our journey towards a sustainable tomorrow. BPCL will leverage its 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.
BPCL is committed to building a robust renewable energy portfolio, with a target of 10 GW, to become a net zero energy company by 2040.
“Sembcorp’s collaboration with BPCL seeks to support renewable energy and green hydrogen development in India. With Sembcorp’s renewables expertise and BPCL’s 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,” said Vipul Tuli, President & CEO, Renewables, West, and CEO, Hydrogen Business, Sembcorp.
Sembcorp is pursuing the use of green hydrogen and ammonia as key decarbonisation pathways with 6 GW of renewables assets in India.
The signing of this JV agreement is not expected to have a material impact on the earnings per share and net tangible assets per share of Sembcorp for the financial year ending December 31, 2025, the company said.