Indian Oil Corporation Ltd (IOCL), India’s leading refiner and fuel retailer, is setting ambitious goals as it charts a bold path toward achieving $1 trillion in revenue by 2047. The company is not only ramping up its core operations but also making strategic moves into emerging sectors.
Diversifying Beyond Oil: Data, Nuclear, Batteries, and Mining
As part of its long-term strategy, IOCL plans to diversify into high-growth areas including data centres, nuclear power generation, critical mineral mining, shipping, and lithium-ion battery manufacturing. These new ventures are expected to provide strong revenue streams and reduce dependence on traditional fuels.
Aggressive Expansion in Refining and Petrochemicals
In its core refining business, IOCL is targeting a 25% increase in capacity—from 81 million metric tonnes per annum (mmtpa) today to 100 mmtpa by FY28. The company also plans to more than triple its petrochemical output, aiming for 13 mmtpa compared to the current 4.3 mmtpa.
Doubling Down on Natural Gas
IOCL is strengthening its position in the natural gas sector, with plans to more than double its distribution and trading volume from 8 million metric tonnes (mmt) to 16.5 mmt. This move aligns with India’s broader push for cleaner energy sources.
Green Energy Push: Solar, Hydrogen, and Batteries
In a major shift toward sustainability, IOCL aims to scale its green energy capacity to 31 GW—up sharply from 247 MW currently. The company also has bold plans for producing 80 kilo tonnes per annum (ktpa) of green hydrogen and developing 5 gigawatt hours of lithium-ion cell battery production capacity.
Strengthening Maritime and Logistics Capabilities
To support its growing operations, IOCL is enhancing its maritime logistics through strategic partnerships. The company is reportedly in talks with the Shipping Corporation of India to secure Very Large Crude Carriers (VLCCs). It is also exploring international collaborations to bolster its global shipping presence.
Restructuring Pipelines for Higher Profitability
In another strategic move, IOCL is restructuring its pipeline business with an eye on improving profitability and operational efficiency. This restructuring will help streamline logistics and support the company’s expanding energy footprint. As reported by etenergyworld.com, with a sharp focus on both growth and diversification, IOCL is positioning itself as a future-ready energy major—driving India’s energy transition while pursuing its $1 trillion revenue ambition.
