IOC, NTPC venture to run refinery on green power

NEW DELHI: State-run behemoths IndianOil and NTPC are forming a joint venture company for powering the upcoming projects at the former’s refineries with renewable energy, the companies said in separate statements.
The companies signed an agreement on Monday envisaging NTPC Green Energy Ltd, a wholly owned subsidiary of NTPC, will form the JV Company for supply of round-the-clock renewable power to IndianOil.
IndianOil plans to meet the additional power requirement of its refineries, estimated at 650 MW by December 2024, with green energy sourced from the joint venture.
“It is a powerful statement as two fossil fuel giants of the country - IndianOil and NTPC join hands for changing their path towards green energy,” IndianOil chairman Shrikant Madhav Vaidya said.
“The joint venture between the two energy majors for a common purpose is a classic example of teamwork and collaboration for others to follow,” NTPC chairman Gurdeep Singh said.
Vaidya said the two Maharatna public sector undertakings “can now leverage their capabilities to push forward the green growth agenda”.