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Oil & Natural Gas Corpn Ltd lost 0.82% today to trade at Rs 284.15. The BSE Energy index is down 0.06% to quote at 12776.88. The index is down 2.61 % over last one month. Among the other constituents of the index, GAIL (India) Ltd decreased 0.59% and Panama Petrochem Ltd lost 0.56% on the day. The BSE Energy index went up 49.75 % over last one year compared to the 24.22% surge in benchmark SENSEX.
Oil & Natural Gas Corpn Ltd has lost 2.57% over last one month compared to 2.61% fall in BSE Energy index and 0.84% drop in the SENSEX. On the BSE, 47864 shares were traded in the counter so far compared with average daily volumes of 7.23 lakh shares in the past one month. The stock hit a record high of Rs 344.6 on 01 Aug 2024. The stock hit a 52-week low of Rs 179.8 on 26 Oct 2023.
According to the terms of the MoU, both companies will conduct studies for the long-term supply of around 350 KTA of CO2 generated by GAIL’s gas processing plants to produce eMethanol, an environmentally friendly fuel that can reduce carbon emissions and promote a circular economy.
Under the agreement, GAIL will also have the option to invest equity in the proposed eMethanol project. Additionally, both parties plan to explore the establishment of solar and wind hybrid renewable projects totaling up to 2.5 GW across India. These hybrid projects, in conjunction with Greenko’s upcoming Pump Storage Projects, are expected to provide round-the-clock power to end users, including the proposed eMethanol project.
Rajeev Singhal, Director (business development), GAIL said “The signing of this MOU with AM Green underscores our commitment to pioneering sustainable energy solutions. By facilitating the supply of CO2 for eMethanol production, we are taking a proactive approach to reduce carbon emissions and support alternative fuel development.
Development of renewable energy projects will support reducing carbon footprint of the country and advancing India's transition to a greener energy landscape. The partnership between GAIL and AMG is set to augment technological innovation in India while also promoting economic growth and environmental sustainability.”
Mahesh Kolli, group president of AM Green, said “We are delighted to partner with GAIL on one of the world’s largest carbon-free, renewable energy supply contracts. This partnership demonstrates AM Green’s emerging leadership position as a global clean energy transition solutions platform while contributing to India’s ambition of emerging as an exporter of reliable, sustainable and lowest-cost green molecules and its derivatives accelerating industrial decarbonization globally. The production of green methanol shall also help in decarbonization of hard to abate sectors like shipping, steel, cement etc.”
GAIL (India) is the largest state-owned natural gas processing and distribution company in India. The Company has a diversified business portfolio and has interests in the sourcing and trading of natural gas, production of LPG, Liquid hydrocarbons and petrochemicals, transmission of natural gas and LPG through pipelines, etc. GAIL has also participating interest in India and overseas in Oil and Gas Blocks. The Government of India holds 51.92% in the paid-up equity capital of the company as on 30 June 2024.
GAIL’s consolidated net profit jumped 77.54% to Rs 3183.35 crore in Q1 FY25 as compared with Rs 1792.99 crore in Q1 FY24. Revenue from operations (excluding excise duty) increased 5.94% YoY to Rs 34,737.77 crore during the quarter.
Shares of GAIL (India) slipped 2.87% to end at Rs 223.75 on the BSE.
In line with the MoU, both the parties envisage to undertake studies for long-term supply of around 350 KTA CO2 generated by GAIL in its gas processing plants to produce eMethanol, an environmentally friendly fuel that can reduce carbon emissions and promote a circular economy. GAIL shall also have an equity option to invest in the proposed eMethanol project, ensuring a strategic partnership that supports both companies' objectives in promoting sustainable energy solutions. Further, both the parties envision to jointly explore setting up of solar/wind hybrid renewable projects up to 2.5 GW across India. The hybrid solar/wind projects combined with Greenko's upcoming Pump Storage Projects are poised to supply Round The Clock power to the end users including the proposed eMethanol project.