Indian Oil Corporation's Green Tech Pursuit: A $1 Trillion Ambition
Key Ideas
- Indian Oil Corporation Ltd (IOCL) aims to achieve $1 trillion in revenue and net-zero operations by 2047 through major capacity expansions in both core and new energy sectors.
- In the green energy space, IOCL plans to significantly increase its capacity, including a target of 80 ktpa of green hydrogen and entry into lithium-ion battery production.
- The company is diversifying into data centers, nuclear energy, shipping, and mining while focusing on strengthening pipelines and forming strategic partnerships for efficient project implementation.
- IOCL's initiatives signify a bold move towards sustainability and innovation, showcasing a positive outlook for its transformation into a green tech powerhouse.
Indian Oil Corporation Ltd (IOCL) is embarking on a bold transformation journey, with plans to become a green tech powerhouse alongside achieving a remarkable $1 trillion in revenue and operating with net-zero emissions by 2047. In a strategic move, IOCL aims to expand its refining capacity by 25% to 100 mmtpa and triple its petrochemical output to 13 mmtpa by FY28, while also doubling its natural gas distribution business to 16.5 mmt.
In the realm of green energy, IOCL is targeting a significant increase in capacity from 247 MW to 31 GW, along with a focus on producing 80 ktpa of green hydrogen and venturing into lithium-ion battery manufacturing with a 5 GWh target. These endeavors underline the company's commitment to sustainability and innovation.
Diversification is at the core of IOCL's strategy, as it explores new ventures in data centers, nuclear energy (with a joint venture for 700 MW units), shipping (potential collaboration with the Shipping Corporation of India), and mining. Additionally, the company is set to bolster its maritime logistics network and expand its fuel retailing footprint into Africa.
Strengthening its infrastructure, IOCL is revamping its fuel pipeline network using advanced technologies while emphasizing the importance of partnerships and special purpose vehicles (SPVs) to mitigate risks, secure funding, and enhance project efficiency. The company's proactive approach to restructuring and collaboration highlights its commitment to driving sustainable growth and embracing a green future.
Topics
Utilities
Infrastructure
Green Energy
Petrochemicals
Partnerships
Shipping
Expansion
Nuclear Energy
Refining
Latest News