Indian Oil Corporation (IOC) plans to invest over Rs 2 lakh crore to achieve net-zero emissions from its operations by 2046. To do this, the company will set up green hydrogen plants at all its refineries and pivot its Rs 2-lakh crore green transition plan. IOC is also remodelling its business with an increased focus on petrochemicals to hedge volatility in the fuel business, while at the same time turning petrol pumps into energy outlets that offer EV charging points and battery swapping options. The company aims to expand its refining capacity to 106.7 million tonnes per annum from 81.2 million tonnes as India’s oil demand is expected to increase from 5.1 million barrels per day to 9 million bpd by 2040. Hydrogen is the cleanest known fuel and IOC plans to use electricity generated from renewable sources such as solar to split water to produce green hydrogen. The company will set up a 7,000 tonnes per annum green hydrogen producing facility at its Panipat oil refinery at a cost of Rs 2,000 crore by 2025. IOC also plans to use natural gas in refineries in place of liquid fuels and replace grey hydrogen with green one. The company is looking at carbon offsetting through ecosystem restoration and Carbon Capture Utilisation and Storage (CCUS). IOC’s current greenhouse gas emissions are 21.5 million tonnes of carbon dioxide equivalent (MMTCO2e) per annum. The company plans to use renewable energy capacity to 12 gigawatts from current 256 MW, and will have electric vehicle charging facilities at 10,000 fuel stations in two years. IOC plans to raise petrochemical intensity to 10-12 per cent, while newer refineries at Panipat and Paradip will have a petrochemical intensity of 25 per cent. This transition plan will ensure IOC is future-ready and prepared for a world of green hydrogen, biofuels, EVs and alternate fuels.
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