News Release Details

IndianOil to Consolidate Green Assets under One Umbrella for powering India's Energy Transition
New Delhi   15-Mar-2023

During the first IndianOil Green Energy Summit held today, Indian Oil Corporation Ltd. (IndianOil), the country's top refiner and fuel retailer, shared a wide array of sustainability endeavours poised to catalyse India's green energy transition. The Company also underscored its intent to consolidate all its existing green assets under one umbrella and rapidly expand its footprint across sustainable energy avenues like biofuels, renewables, green hydrogen and CCUS (Carbon offsets & Carbon Capture, Utilization and storage).

Speaking on occasion, Mr S M Vaidya, Chairman, IndianOil, remarked, "While IndianOil is committed to energising India's exponentially rising energy needs, we are also determined to be the flagbearer of India's green energy transition. 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. We aim to build a portfolio of

IndianOil's best-in-class ability on project execution will be pivotal in providing accessible, low-cost energy to every Indian throughout our country".

Expanding Renewable Energy footprint

IndianOil's renewable energy portfolio currently stands at 239 MW, which is being expanded through new wind, solar, hydel and pumped hydro projects. We are also collaborating with NTPC to augment our Renewable Energy 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 4700 charging stations and 66 battery swapping stations. A collaboration has been entered with Phinergy, an Israeli start-up company specialising in hybrid lithium-ion and aluminium-air battery systems, to form IOC Phinergy Private Limited. Various other battery chemistries are also being explored.

Leading India's Green Hydrogen Revolution

IndianOil has also firmly etched its presence in the nascent Green Hydrogen ecosystem of the country. The Company has a firmed-up collaboration with ReNew Power Private Limited (ReNew) and Larson & Toubro Limited (L&T) for Green Hydrogen Business. A 7 KTPA Green Hydrogen capacity is under development at the Panipat refinery. A demonstration facility for hydrogen dispensing at Gujarat Refinery has been installed using the hydrogen from the refinery unit. IndianOil R&D Centre is also fully oriented towards developing low-carbon technologies and products.

Foraying into Biofuels and expanding green offerings

IndianOil has already made deep forays into the biofuel space. Various Biofuels projects and initiatives in Ethanol, Bio-Diesel, Compressed Bio Gas (CBG), Organic Manure, Sustainable Aviation Fuel (SAF) and Waste to Energy are being implemented. IndianOil has set up its paddy straw based 2G Ethanol plant and refinery off-gas-based 3G Ethanol Plants at Panipat. IndianOil has commissioned 20 CBG Plants under the SATAT initiative. CBG is also being sold by IndianOil from 41 Retail Outlets across India under the brand name IndiGreen. IndianOil has also set up 100 tons per day of Cattle Dung to CBG Plant in Jaipur, Rajasthan and a 200 TPD mixed waste (paddy straw, press mud, cattle dung) to CBG Plant in Gorakhpur, UP. IndianOil is also expanding its bouquet of greener products with innovative solutions like IndiGreen, XP95, XP 100, Xtragreen, Xtra Tej, SERVO Raftaar, etc.

Leading India's Energy Transition

IndianOil is the leader among Indian Corporates in the Oil & Gas sector as per the Global Rankings on transition released by in Bloomberg New Energy Finance (BNEF). Globally, IndianOil has been ranked 22nd in the rankings. IndianOil has also topped Oil & Gas Corporates for low carbon investments as a share of total Capex, with IndianOil's share of low carbon investments being 1.8% of its total CAPEX as per the report. Today, IndianOil meets 9% of the Nation's energy needs and aspires to grow this share to 12% by 2030.

Dr. Uttiya Bhattacharyya
Executive Director (Corporate Communications)
Indian Oil Corporation Limited