OIL & GAS

Italian energy utility Snam inks pacts to enter India gas, hydrogen market

Italian energy utility Snam on Friday signed agreements with Indian Oil Corporation (IOCL), Adani Group and Greenko to enter the Indian market, with a focus on natural gas, hydrogen and low-carbon mobility.

The company has signed a memorandum of understanding with IOCL for possible joint initiatives in the natural gas infrastructure value chain, particularly for storage and regasification. It has also signed separate preliminary agreements with the Adani Group and Greenko for jointly exploring and developing the hydrogen value chain in India.

FE had reported in August that Snam planned to set foot in India’s gas infrastructure space, and the company’s CEO had had a discussion with petroleum minister Dharmendra Pradhan regarding collaborations in the areas of liquefied natural gas, gas storage and hydrogen fuel. The company, on Friday, also signed a non-binding agreement with Adani Gas to create a joint venture to set up a manufacturing facility for compressors, which are to be used in gas refuelling stations.

“Thanks to the partnerships with some of India’s leading players, leveraging our know-how and technologies, we have the opportunity to bring a valuable contribution to a country that is strongly committed to the energy transition and which presents many opportunities,” Snam CEO Marco Alvera said on Friday.

Source
financial express
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