Malaysia-based Petronas will invest $1.6bn in an Indian green ammonia venture, it has been announced.
The move will allow the company to secure a 30% stake in AM Green Ammonia Holdings (AMG Ammonia), a company founded by Indian renewables group Greenko.
The investment will be made through Gentari, Petronas’ renewables division, with Singapore’s GIC sovereign wealth fund also contributing. According to a joint statement issued by Gentari and AM Green, the project aims to produce 5 million tonnes of green ammonia each year (MTPA) until 2030. This is equivalent to around 1 MTPA of green hydrogen and will account for 20% of India’s target for green hydrogen production by 2030 or 10% of Europe’s imported renewable hydrogen targets.
AMG Ammonia will become one of the world’s leading producers of green ammonia.
The first shipments of green ammonia will begin by late 2025 and will serve key OECD markets, including Germany, Japan, South Korea and Singapore.
News about the investment came after Petronas, XyloNetics, and Caterpillar confirmed in May new investments totalling over $4bn in the Indian state of Tamil Nadu.