PCME has agreed to arrange the potential offtake for the Green Hydrogen output and carbon credits from the Project. The company has vast experience in trading of oil across the world and seeks to explore and develop its business through new energy sources such as green hydrogen.
Oracle Energy and PCME signed the MoU to jointly cooperate, on a non-binding basis, in the commercialisation of the project, with Oracle Energy to supply and deliver the green hydrogen to PCME. PCME will arrange offtake for the Green Hydrogen and arrange for trade of associated carbon credits, after establishing viability through analysis of feasibility reports of the project and subject to price, quality and its board’s approval.
The MoU is effective from 2 June 2023 and is valid for five years from the date when the green hydrogen is first produced from the project, with the option of mutually extending the MoU.
Oracle Energy, which is the joint venture between Oracle Power and His Highness Sheikh Ahmed Dalmook Al Maktoum, is currently developing a 400 MW green hydrogen project in Pakistan, with a target output of 55,000 tonnes of high purity green hydrogen.
“The signing of this MoU with PCME is another huge step forward as we line up another significant potential offtaker” said Naheed Memon, CEO of Oracle Power. “PetroChina is a large oil and gas trader and can potentially provide our project with a commercially viable route to market. Our green hydrogen project development is advancing swiftly and this understanding is a testament to the trust some of the largest companies in the world are putting in our ability to develop this important project which could meet regional demand for green hydrogen and green ammonia.”
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