IndianOil has ambitious plans to invest more than ₹4 lakh crore in the coming decade to expand its oil refining and petrochemical business, as well as to embark on energy transition projects, with the goal of becoming a comprehensive 360-degree energy company according to Chairman Shrikant Madhav Vaidya.
The company intends to allocate ₹1 lakh crore towards enhancing its crude oil refining capacity to produce fuel. An amount of ₹2.4 lakh crore will be dedicated to projects aimed at achieving net-zero carbon emissions from its operations. Additionally, there are plans to invest ₹60,000 crore in establishing a substantial petrochemical complex in Paradip, Odisha.
These investments are strategically designed to meet the growing energy demands of India’s rapidly expanding economy while also aligning with the company’s commitment to the energy transition. IndianOil, which holds a dominant position in India’s fuel market and is one of the largest oil company, has set the target year of 2046 to attain net-zero carbon emissions.
As reported by ETEnergyworld.com, these investments will encompass various initiatives, including the production of green hydrogen to replace fossil fuel-derived hydrogen in refineries, the expansion of renewable energy capacity, the promotion of biofuels, and carbon offsetting measures. Furthermore, expansion plans involve the construction of a nine-million-tons-per-annum oil refinery in Nagapattinam, Tamil Nadu.
In a bid to support sustainable growth, IndianOil is collaborating with Italy’s Snam to explore the possibility of repurposing existing natural gas pipelines for hydrogen transportation. Additionally, the company intends to contribute to environmental sustainability by converting over 100 million PET bottles annually into uniforms for its on-ground teams and non-combat uniforms for the armed forces.
