Indian Oil Corporation Limited (IOCL) is planning significant expansion of its oil refining capacity by twenty-five percent to cater to the country’s growing energy demands, according to Chairman Shrikant Madhav Vaidya.
IOCL, which operates nine refineries along with an extensive network of pipelines, LPG bottling plants, aviation fuel stations, and 61,000 customer touchpoints, is aiming to supply one-eighth of the India’s energy needs by 2050.
With India’s oil demand expected to increase from 5.4 million barrels per day in 2023 to 8.3 million bpd by 2050, IOCL plans to boost its refining capacity from 70.25 million tons per annum to 88 million tons per annum.
The company is also focusing on expanding its footprint in both conventional and renewable energy sources. IOCL’s long term vision includes becoming a $1 trillion company by 2047 through the integration of traditional oil refining with green hydrogen production and electric vehicle (EV) charging infrastructure.
The company achieved a record net profit of ₹39,619 crore in the 2023-24 fiscal year. As reported by devdiscourse.com, to ensure a balanced energy portfolio and reach net-zero carbon emissions by 2046, IOCL will continue to invest in both fossil fuels and new energy initiatives.
