Bharat Petroleum Corporation Limited has informed the Exchange regarding a press release dated March 24, 2026, titled "BPCL and Sembcorp JV (NeuEn Green Energy) secures 10KTPA Green Hydrogen Contract from Numaligarh Refinery".
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BPCL's 50:50 joint venture with Sembcorp, NeuEN Green Energy Pvt. Ltd., has won a contract to supply 10,000 tonnes per annum (10KTPA) of green hydrogen to Numaligarh Refinery Ltd. (NRL), a fellow PSU refinery in Assam. Under the deal, NeuEN will set up a 10KTPA green hydrogen production facility at NRL's refinery site, backed by a long-term offtake arrangement, with commercial operations targeted to begin in 2028. The project will be powered by a hybrid renewable energy setup combined with advanced storage to ensure round-the-clock electrolyser operations. BPCL has highlighted that the tariff achieved through competitive bidding is the most competitive green hydrogen rate discovered in India to date and sets a new global benchmark for commercially contracted green hydrogen pricing. The move reinforces BPCL's clean energy transition strategy, complementing its goal of becoming a Net Zero energy company by 2040.
Positive for BPCL's long-term growth narrative — it diversifies revenue into green hydrogen, strengthens its clean energy portfolio, and signals improving cost-competitiveness in India's hydrogen market. Short-term stock impact is likely limited as commercial output is 2-3 years away, but it improves ESG and future-readiness sentiment.