New Delhi | Hindustan Petroleum Corporation Ltd (HPCL) on Thursday said it has signed a pact with Bharat Petroleum Corporation Ltd (BPCL) for synergy in purchase and sale of hydrogen between the refineries the two firms operate in Mumbai.

Hydrogen is an essential utility required for treating of diesel and petrol to produce low-emission fuel of Euro-VI or Bharat Stage VI specifications, and is vital for reliable and safe refinery operations.

"A Memorandum of Understanding (MoU) was signed between HPCL Mumbai refinery and BPCL Mumbai refinery as part of synergy through purchase and sale of hydrogen," the company said in a statement.

The one-of-a-kind strategic partnership between two oil marketing companies is part of synergy for "mutual aid during emergencies and towards environmental impact by minimizing valuable hydrogen flaring," it said. "This initiative envisages cooperation and collaboration as part of synergy in the areas of hydrogen exchange between both refineries for sustained refinery operations and uninterrupted product availability." The MoU was signed by Vijay S Agashe, Executive Director of HPCL Mumbai refinery and Subramoni Iyer, Executive Director of BPCL Mumbai Refinery.