IOC Sets Sights on RE Capacity Addition, EV Charging Among Others in Restructuring Spree

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The Chairman of Indian Oil Corporation (IOC) Shrikant Madhav Vaidya has said that the CPSU has set its sights on green hydrogen plants at all its refineries. The timeline for this goal has been set for 2047. The announcement comes as part of the Rs 2 lakh crore planned for green transition towards net-zero emissions.

The senior official revealed that the oil firm is in the process of restructuring its business and will now convert its petrol pumps into energy outlets. These energy points will boast of charging points for electric vehicles and will also offer battery swapping options.

“Oil will continue to be a mainstay fuel for the next few years but we are preparing for transition which will involve a combination of green hydrogen, biofuels, EVs and alternate fuels,” he stated.

Green hydrogen will assume major significance for Indian Oil, which is looking to establish a green hydrogen-producing facility which will generate 7,000 tonnes per annum. This will come up at its Panipat oil refinery and will involve capital cost of Rs 2,000 crore by 2025. The Chairman further shared that while Panipat will be the starting pint for this initiative, in time, all the refineries of IOL will entail green hydrogen units. To make its goal of net-zero a reality, the firm is mulling over an investment of Rs 2 lakh crore.

for the production of green hydrogen, IOC will be splitting water by employing renewable electricity from sources like solar.

As part of the expenditures being looked at, green hydrogen units at refineries will be set up and there will be an increased focus on increasing efficiency, while also augmenting renewable energy capacity.

As part of its restructuring plans, IOC is additionally looking at carbon offsets such as ecosystem restoration and Carbon Capture, Utilization, and Storage (CCUS).

Recently, a tender for Engineering, Procurement, Construction inclusive Of 1 year Comprehensive Operation Maintenance Of 600 Kwp on grid solar power project at Indian Oil, Ahmedabad terminal with net metering facility and its further comprehensive O&M for five years.