India’s largest oil marketing company (OMC) Indian Oil Corporation will consolidate all its existing green energy assets under one vertical for better synergies, its Chairman and Managing Director SM Vaidya said on Wednesday.
In his inaugural address at IOC’s first green energy summit, Vaidya said: “While we look to diversify our existing petroleum and gas product offerings, we will consolidate our green assets under one vertical.”
IOC’s vision
The OMC aims to achieve Net Zero operational emissions by 2046. IOC’s vision is to establish the state-run refiner as one of India’s leading integrated green energy and decarbonisation major offering products across biofuels, renewables, green hydrogen and new low carbon value chains including carbon offsets and Carbon Capture, Utilisation and Storage (CCUS), he added.
The company aims to establish a portfolio of 3 gigawatts (GW) of renewable energy (RE) and 0.6 million tonnes of biofuel capacity by 2025. Besides, another 35 GW of RE, 4 MT biofuels and 1 MMT Biogas is planned to be achieved by 2030. By 2050, IOC plans to have a 200 GW portfolio of RE, 7 MT of biofuels and 9 MT Biogas.
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“We are thus scaling up our green endeavours with a definitive focus and going forward; we will consolidate our green assets under one umbrella for better synergy. Our ambitious green roadmap also involves forging effective collaborations to nurture commercial-scale green businesses. We shall provide opportunities to investors and technology providers across the globe to partner in our journey,” Vaidya said.
At present, IOC accounts for 9 per cent of the energy needs of the world’s third largest energy consumer, which it aims to grow to 12 per cent per cent by 2030.
Green assets
At present, IOC’s RE portfolio stands at 239 MW. The company is collaborating with NTPC to augment its capacity by around 2.8 GW. There is also greening of the supply chain through solarising 20,705 retail outlets with an installed capacity of 121 MW.
Initiatives in EVs are being intensified by setting up 4,700 charging stations and 66 battery swapping stations. A collaboration has been formed with Phinergy, an Israeli start-up company specialising in hybrid lithium-ion and aluminium-air battery systems.
Besides, it has firmed-up collaboration with ReNew Power and Larson & Toubro for the green hydrogen business. A 7 kilo tonne per annum (KTPA) capacity is under development at its Panipat refinery.
It has set up a paddy straw based 2G Ethanol plant and refinery off-gas-based 3G Ethanol plants at the Panipat refinery. IOC has also commissioned 20 CBG plants under the SATAT initiative.
The refiner has set up 100 tonnes per day (TPD) of Cattle Dung to CBG Plant in Jaipur and a 200 TPD mixed waste (paddy straw, press mud, cattle dung) to CBG Plant in Gorakhpur.