Indian Oil Corporation Limited (IOCL) set an ambitious target to become a $1 trillion company by 2047. The goal involves expanding its traditional oil refining and fuel marketing sectors while also venturing into clean energy sources such as green hydrogen and electric vehicle (EV) charging.
Chairman Shrikant Madhav Vaidya informed that the company aims to achieve a balanced portfolio by investing in both fossil fuels and new energy avenues, which will contribute to the goal of net-zero carbon emissions by 2046.
The company plans to increase its oil refining capacity and invest in petrochemical units to convert crude oil into high-value chemicals. Additionally, IOCL will focus more on gas, biofuels, and clean mobility. By consolidating all green initiatives under one umbrella, IOCL aims to optimize resource allocation, foster innovation, and implement efficient, cutting-edge solutions.
IOCL partnered with Israeli tech company Phinergy to develop aluminum-air batteries and with Japan’s Panasonic Energy for the advanced manufacturing of lithium-ion batteries in India. The company also has a joint venture with Sun Mobility Pte Ltd to establish one of the largest battery swapping networks in India by 2030.
As reported by zeebiz.com, in the area of compressed bioGas (CBG), IOCL plans to set up thirty CBG plants across the country within the year. Regarding hydrogen, the company aims to convert half of its current hydrogen consumption to gresen hydrogen by 2030.
