Page 142 - CW E-Magazine (7-11-2023)

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PARTNERSHIP

Malaysia’s Petronas, Singapore’s GIC and Greenko

form green ammonia venture

Gentari, the clean energy division of
Malaysia’s Petroliam Nasional Bhd or
Petronas and AM Green, set up by the
founders of Greenko, have announced
the signing of defi nitive agreements
together with an affi liate of Singapore’s
sovereign wealth fund GIC to produce
5 million tons per annum (mtpa) of
green ammonia by 2030 – equivalent to
about 1-mtpa of green hydrogen.

Petronas, GIC and the founders of
Greenko Energy Holdings will invest Post-investment from Gentari, GIC 403-megawatt peak power project in
$2-bn in AM Green. Of this, $1.5-bn and AM Green, the unit will be a fully May. Petronas is also present in India
will come from Petronas for a 30% funded platform that will invest, in through its lubricants business and an
stake. GIC and the Greenko founders phases, in the Indian regions of Andhra over two-decade-old 50:50 joint ven-
are expected to invest in $250-mn each Pradesh, Tamil Nadu, Gujarat, Karnataka, ture with Indian Oil Corporation for
in the green ammonia business. and Himachal Pradesh. the import of LPG. In 2019, Petronas
acquired Amplus Energy Solutions Pvt.
The partnership, the companies The 1-mtpa of green hydrogen ex- Ltd., one of India’s largest rooftop solar
said, will focus on the production of pected to be produced by the venture, power producers from New York-based
green ammonia across multiple loca- represent a fi fth of India’s target for I Squared Capital.
tions in India, which is expected to green hydrogen production under the
accelerate efforts to achieve net zero country’s National Green Hydrogen The companies said the production
targets in India as well as in OECD Mission and 10% of Europe’s target of green ammonia by AM Green will
markets. Exports of green ammonia to for green hydrogen imports by 2030. be supported by the round-the-clock
key OECD markets, such as Germany, renewable energy supplied via offtake
Japan, South Korea, as well as Singa- Achieving this scale of production agreements with reputed counterpar-
pore from this platform is expected to will place the new venture among the ties and electrolysers manufactured by
begin in late 2025. world’s pioneers in large-scale and another unit of AM Green (AM Green
cost-competitive green ammonia pro- Technology & Solutions).
“This strategic partnership will duction. Petronas has been looking
work to accelerate net zero targets of to invest in India’s emerging green AM Green will also produce green
various industries and several OECD economy to diversify its portfolio. molecules such as green methanol,
economies. Continuous focus on inno- green caustic soda, green chlorine,
vation combined with execution will Petronas is targeting net zero carbon biofuels, and various downstream
ensure our venture, AM Green, remains emissions by 2050. This July, Petro- high-value green chemicals under its
ahead of others in becoming a global nas’ clean energy solutions provider AM Green Molecules subsidiary. In
clean energy transition solutions plat- Gentari and renewable energy provider addition, AM Green will also house
form,” said Mr. Anil Chalamalasetty, ReNew Energy Global announced a joint venture with John Cockerill of
Founder, Greenko Group & AM Green. the formation of a 50:50 joint venture Belgium to manufacture electrolysers
encompassing 5 gigawatts of renewable in its AM Green Technology & Solu-
The green ammonia will be pro- capacity in India. The collaboration tions subsidiary; supplying about
duced by a unit of AM Green, known follows Gentari’s initial investment 6.5-GWs of electrolysers to AM Green
as AM Green Ammonia Holdings. for a 49% equity stake in ReNew’s Ammonia by 2030.

142 Chemical Weekly November 7, 2023

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