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ONGC in talks with Gentari for joint venture in energy storage
Mint Mumbai
|August 29, 2023
Oil and Natural Gas Corp. (ONGC) Ltd is in talks with global entities including Malaysia’s Gentari to form a joint venture in energy storage, chairman and chief executive Arun Kumar Singh said, as the energy giant makes strides in its energy-transition journey.
ONGC would look at both battery storage and pump storage projects (PSP), Singh said in an interview. Gentari is the green-energy arm of Malaysia-headquartered Petroliam Nasional Berhad (Petronas).
“In energy storage, we are hoping for something big. It will be a JV (joint venture) model. We are already in talks. We have been talking to them (Gentari). There are two-three more people (global entities)," he said.
ONGC has already mapped out a ₹1 trillion investment plan for energy transition till 2030. The ONGC chairman said in case energy storage is identified as a priority area for the company, the exploration and production major may drive the entire dedicated capital expenditure towards storage. “If we need to prioritize this segment, it may be complete ₹1 trillion for battery," Singh said.
This story is from the August 29, 2023 edition of Mint Mumbai.
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