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Oil PSU’s Initiated To Contribute To Global Fund

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Five state-run Oil PSU’s Initiated To Contribute To Global Fund and natural gas will become corporate partners of the international solar alliance and would contribute to its corpus fund stated by Union Petroleum Minister Dharmendra Pradhan.

It’s not immediately clear how much these oil companies would contribute to the ISA fund but PSUs like NTPC, PGCIL, REC, CIL who had earlier contributed to $1 million to each of these corpus.

The energy PSU’s would focus more on green energy investments such as renewable biofuels and hydrogen going forward.

5 companies to contribute ISA corpus are ONGC, HPCIL, GAIL and BPCIL.

NTPC aims to piggyback ISA to expand solar footprint as it increases the share of renewable energy in its generation portfolio.

By 2032 NTPC plans to hve 130,000MW capacity, 30% of non thermal energy.

At the same event NTPC chairman Gurdeep Singh said that company had inked a MoU with ISA to implement 47 solar projects in less developed countries.

By 2032 it plans to have 30% of thus to be non thermal energy based.

One sun one world one grid plans to build a global ecosystem of interconnected renewable energy resources that can be seamlessly shared through a common transmission system.

The center identified core assets of state owned entities for monetization including pipeline of Indian oil and GAIL and assets of Indian railways, Delhi, Kolkata metro rail system.

Ministry of power, steel, mines and food which have been asked to identify potential assts to be monetised are likely to apprise the core group of secretaries for assets monetisation on plans of 9 September.

Written by- Mousami Jena
Image Courtsey- Google

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