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ACME Green Molecules Business, part of India's ACME Group, has signed a binding long-term Purchase and Sale Agreement with Japan's Mitsubishi Gas Chemical Company (MGC) for the supply of 100,000 tonnes per annum of green methanol, the companies said today.
The deal is the first RFNBO-compliant green marine fuel agreement by an Indian company, according to the companies. The estimated value of the agreement is approximately USD 1 billion.
Green methanol is compatible with existing ship and port infrastructure with modest modifications. It produces lower lifecycle CO₂ emissions compared with conventional marine fuels such as Heavy Fuel Oil, Very Low Sulphur Fuel Oil and Marine Gas Oil.
The green methanol supplied under the agreement will comply with EU regulations and future International Maritime Organization (IMO) regulations on carbon intensity.
Odisha Emerges As ACME's Green Molecules Hub
The Paradip facility marks ACME Group's third major investment in Odisha. The Group's prior commitments in the state include a 405,000 TPA green ammonia facility in Gopalpur, developed through a joint venture with Japan-based IHI Corporation, and an 800,000 TPA green ammonia facility in Paradip anchored by a Green Ammonia Purchase Agreement with Solar Energy Corporation of India (SECI) under the SIGHT scheme for supply to India's fertiliser sector.
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