Oracle Energy pens hydrogen MoU with PetroChina
SUMMARY
The companies will collaborate on a green hydrogen project in Pakistan.
By Shardul SharmaLondon-listed Oracle Power, through its subsidiary Oracle Energy, has signed a memorandum of understanding (MoU) with PetroChina International (Middle East) Company for collaboration and joint development of a green hydrogen project in Pakistan, the company said on June 5.
According to the MoU, Oracle Energy will supply and deliver green hydrogen to PetroChina. The Chinese firm will arrange the potential offtake for the green hydrogen output and facilitate the trade of associated carbon credits from the project. The agreement is non-binding and subject to feasibility analysis, price, quality, and the approval of PetroChina’s board.
The MoU grants PetroChina the right of first refusal to enter into a mutually agreed long-term or spot cargo contract to purchase all or part of the green hydrogen and carbon credits from the project.
The MoU is valid for five years from the date of the first production of green hydrogen from the project, with the possibility of mutual extension.
Oracle Energy is currently developing a 400 MW Green hydrogen project in Sindh, Pakistan, aiming for an output of 55,000 metric tons/year of green hydrogen.
