Indian Oil Corporation (IOC), the largest oil refining and fuel marketing company in India, has established a new subsidiary to expand its low carbon, clean and green energy business, reports PTI.
The move is part of the company’s transition plan to achieve net zero emissions from its operations by 2046.
The subsidiary will consolidate all of IOC’s existing green assets, such as biofuels, renewables, green hydrogen and carbon offsets, under one umbrella, and rapidly expand its footprint across sustainable energy avenues. IOC is targeting 200 GW of renewable energy capacity by 2050, as well as 7 million tonnes of biofuels and 9 million tonnes of biogas. The company also plans to set up green hydrogen plants at all its refineries as part of a Rs 2 lakh crore green transition plan.
In addition to traditional fuels like petrol, diesel and LPG, IOC is also focusing on petrochemicals to hedge volatility in the fuel business. It is also turning petrol pumps into energy outlets that offer EV charging points and battery swapping options.
IOC is collaborating with NTPC to augment generation of electricity from solar, wind and other renewable sources by around 2.8 GW, and is solarising 20,705 petrol pumps with an installed capacity of 121 MW. The company also plans to set up 4,700 EV charging stations and 66 battery swapping stations, and is working with Israeli startup Phinergy to explore manufacturing lithium-ion and aluminium-air battery systems.
The company has firmed up collaboration with ReNew Power and Larson & Toubro Limited for green hydrogen business. It will set up a 7,000 tonnes per annum green hydrogen producing facility at its Panipat oil refinery at a cost of Rs 2,000 crore by 2025, and similar units will come up at other refineries in due course of time. The Rs 2 lakh crore investment planned to achieve net-zero covers the cost of setting up green hydrogen facilities at refineries, improving efficiency, renewable energy capacity addition, and alternate fuels.
IOC Chairman Shrikant Madhav Vaidya said the company is committed to energising India’s rising energy needs while also being the flagbearer of the country’s green energy transition.