Indian Oil aims to increase its share in India’s energy pie to 12.5% by 2050: Chairman

Indian Oil refineries operate at a record capacity utilisation of over 103 percent.

Indian Oil Corporation Limited (IOCL) aims to increase its share in India’s energy pie to 12.5 percent by 2050 from the current 9 percent, said Chairman Shrikant Vaidya.

To achieve the objective, Indian Oil is leveraging varied energy pathways that will establish it as a 360-degree energy company, said Vaidya at the company’s annual general meeting on August 25.

“We are well-aligned with the need to ensure equitable energy access and sustainable transition,” he added.

Vaidya said Indian Oil is committed to achieving net-zero operational emissions by 2046, aiming to mitigate both Scope 1 & 2 emissions, with an investment plan of $30 billion.

“This declaration is a defining moment in the history of your company that demonstrates our firm resolve to lead India’s energy transition. Our well-crafted blueprint, with a staggered investment plan of about Rs 2.4 trillion or $30 billion, will take us towards the Net-Zero destination,” he said.

The state-run oil refining company said it is reinforcing the hydrogen ecosystem and is developing a 10-kilo tonnes per annum green hydrogen plant at Panipat refinery.

Indian Oil has set up India’s first hydrogen dispensing station at its R&D centre in Faridabad and another station in Gujarat refinery to promote hydrogen mobility, said the company’s chairman.

“Our collaboration with industry leaders like ReNew and Larsen & Toubro Limited will strengthen the nascent green hydrogen ecosystem in India,” he added.

Indian Oil refineries operated at a record capacity utilisation of over 103 percent and achieved the highest-ever crude processing volume of 72.4 million metric tonnes (MMT).

Vaidya said the company stepped up the operational efficiency of the refineries, expanded the crude basket to add 36 new crude oil grades and undertook multiple projects to strengthen its core capabilities.

He also said that Indian Oil has partnered with countries such as Nepal and Italy to support India’s energy partnerships.

“An agreement was recently inked between India and Nepal to develop pipeline infrastructure and storage terminals in Nepal. We are also collaborating with Italy’s Snam to explore the possibility of converting the existing natural gas pipelines for hydrogen transportation,” said Vaidya.