Reliance signs US$3 billion green ammonia supply deal with South Korea's Samsung C&T

[BENGALURU] India’s Reliance Industries said on Monday (Mar 16) it had signed a binding agreement with Samsung C&T, an affiliate of South Korea’s Samsung Group, to supply green ammonia for 15 years in a deal valued at more than US$3 billion.

Supply under the deal will begin in the second half of fiscal year 2029, the Indian conglomerate said in an exchange filing.

The deal, one of the largest long-term green ammonia offtake agreements globally, comes as countries including Japan and South Korea seek low-carbon fuels such as hydrogen and ammonia to cut emissions from industry and power generation.

Reliance said it is developing a clean-energy manufacturing ecosystem that includes solar modules, battery energy storage systems and electrolysers.

Green ammonia is produced by combining nitrogen with hydrogen made using renewable electricity and is seen as a low-carbon fuel and a way to transport hydrogen.

The company said partnerships such as the Samsung agreement would support the growth of its green hydrogen ecosystem and manufacturing facilities.

Reliance announced plans in 2021 to invest US$10 billion in renewable energy, hydrogen and battery storage as it seeks to expand beyond its traditional oil-to-chemicals business. REUTERS