India’s Reliance Industries has signed a binding agreement with Samsung C&T to supply green ammonia over a 15-year period in a deal valued at more than $3 billion.
According to a regulatory filing, supply under the agreement will begin in the second half of the 2029 financial year.
The deal is among the largest long-term green ammonia offtake agreements globally, as countries such as Japan and South Korea increase demand for low-carbon fuels to reduce emissions from industry and power generation.
Green ammonia is produced using hydrogen generated from renewable electricity and is considered a low-carbon fuel as well as a carrier for hydrogen.
Reliance said it is developing a clean energy manufacturing ecosystem that includes solar modules, battery energy storage systems and electrolysers.
The company had announced plans in 2021 to invest $10 billion in renewable energy, hydrogen and battery storage as part of its strategy to diversify beyond its oil-to-chemicals business.
