Agastya Advances Plans for Green Methanol Project in India

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India's Agastya Group has taken a step forward in plans to develop a large-scale green methanol project in the country.

The company has signed an MoU with the state government of Andhra Pradesh to the research of the Agastya environmentally friendly Fuels Hub at Mulapeta Port in southeastern India, the firm said in a LinkedIn post on last week.

Agastya said the project would include a 1 million mt/year environmentally friendly methanol export-oriented unit, along with environmentally friendly hydrogen production, carbon capture and utilisation methodology and renewable energy integration.

The company put the planned investment in the project at greater than $6.5 billion.

According to Agastya, the facility is intended to supply environmentally friendly methanol to international markets including Japan, South Korea, Singapore and Europe, supporting efforts to decarbonise shipping and sector.

Earlier this month, the company signed an offtake deal with Sri Lanka's SAR Group.

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