Tuesday, Jul 23 2024 | Time 11:57 Hrs(IST)
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Business Economy


ONGC and Indian Oil sign pact to set up LNG plant

New Delhi, June 21 (UNI) State-owned energy majors Oil and Natural Gas Corporation (ONGC) and IndianOil Corporation Limited (IOCL) have signed a memorandum of understanding (MoU) to establish a small-scale Liquefied Natural Gas (LNG) plant near the Hatta Gas Field in the Vindhyan Basin.
"The ‘non-binding MoU’ for a technology demonstration small scale LNG plant at Hatta, Madhya Pradesh’ between ONGC and Indian Oil is a visionary step towards a sustainable and prosperous future for India," a joint official release said here on Friday.
The establishment of the Hatta LNG plant will significantly enhance the Vindhyan Basin's status, upgrading it from a Category II to a Category I Basin.
The official release said that the plant will utilize cutting-edge technology to produce LNG, a cleaner alternative to traditional fossil fuels, significantly reducing carbon emissions and aligning with India's climate change mitigation goals.
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