Reliance Industries Limited (RIL) will transfer its Jamnagar Syngas project to one of its wholly-owned subsidiaries. Reliance said in a statement issued on Thursday that this transfer of the Syngas project will help in achieving better value for business. Apart from this, it will also be easier for Reliance to move towards renewable energy as a primary source of energy.
Syngas used in energy production is made up of a mixture of hydrogen, carbon monoxide and carbon dioxide. It is produced by gasification of solid hydrocarbon fuels. According to RIL, syngas creates reliability in fuel supply and also helps in reducing energy cost fluctuations. Syngas is used for the production of hydrogen at Reliance’s Jamnagar refinery.
Reliance said it wants to build a portfolio of products that is completely recyclable, sustainable and has net zero carbon emissions. It has expressed hope that its steps will help in reducing the carbon emissions of the Jamnagar campus.
RIL stated that its board of directors has approved the plan to transfer the Syngas project. However, this scheme will have to take some regulatory approval apart from the stock exchanges and shareholders.
(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)