Indian Oil Corporation Limited (IOCL) will consolidate its green assets under one vertical, the state-owned oil marketing major's Chairman S. M. Vaidya said on March 15.
Speaking at IndianOil Green Energy Summit, Vaidya said, “While Indian Oil is committed to energising India's exponentially rising energy needs, we are also determined to be the flagbearer of India's green energy transition.”
He added that the company aims to build a portfolio of 3 GW Renewable Energy and 0.6 MMT Biofuels by 2025; 35 GW Renewable Energy, 4 MMT Biofuels and 1 MMT Biogas by 2030 and 200 GW Renewable Energy, 7 MMT Biofuels and 9 MMT Biogas by 2050.
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Currently, the company's renewable energy portfolio stands at 239 MW.
On March 14, Indian Oil's board gave approval to form a wholly-owned subsidiary to operate in the domain of low carbon, new, clean and green energy businesses.
"The proposed WoS (subsidiary) will focus and pursue Indian Oil’s low carbon and green energy business to meet the operational requirements of the net zero target and beyond," the company had said in an exchange filing.
MoU between Indian Oil and SJVN Ltd
Meanwhile, IOCL signed an MoU with SJVN Ltd on March 15 to achieve net zero operational emissions by 2046, the companies said.
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SJVN said that under the MoU, a joint venture company would be formed for development of large scale renewable energy projects including solar, wind and hydro for supply round the clock (RTC) renewable power to IOCL.
Another objective of the MoU is the supply of petroleum, oils and lubricants to SJVN, the company pointed out.
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