BP is in a competition with Petroliam Nasional Bhd, or Petronas, the state-owned energy firm of Malaysia, to spend $1.5-2 billion for a major minority ownership in a new platform that belongs entirely to the two Greenko founders, Anil Chalamalasetty and Mahesh Kolli.
According to the individuals indicated above, negotiations have progressed with both sides, and Greenko is now anticipated to choose one of the two energy giants.
When completed, this project will represent the largest foreign investment in a green ammonia and hydrogen project in India to date.
Additionally, it occurs at a time when BP is under pressure from two of the biggest pension funds in the UK, which manage $130 billion in assets.
They have stated that until both BP and Shell strengthen their promises to reducing carbon emissions, they will not vote to extend the tenure of their senior directors. BP reneged on its promise to reduce oil and gas output by 2030 after agreeing to a net-zero carbon emissions target by 2050.
The group's oil and gas output would decline by only 25% from 2019 levels by 2030, as opposed to the initial estimate of 40%, according to CEO Bernard Looney.