IOCL targets $1 trillion revenue by 2047 as per report
Oil PSU Indian Oil Corporation is poised to become a $ 1 trillion company by 2047, combining growth in traditional oil refining and fuel marketing with clean energy avenues like green hydrogen and EV charging, the IOCL chairman said in a latest released report.
The company will continue to invest in fossil fuels and new energy avenues to have a balanced portfolio that will help achieve net-zero carbon emissions by 2046, company chairman Shrikant Madhav Vaidya said in its latest annual report.
The Company will expand oil refining capacity, and invest in petrochemical units that will convert crude oil into value-added chemicals directly, while also increasing its focus on gas, biofuels, and clean mobility.
Join PSU Connect on WhatsApp now for quick updates! Whatsapp Channel
"With India's economy on the rise, the country's energy needs are growing exponentially. As 'The Energy of India', we have been stepping up the pace and expanding our capabilities. We aim to become the nation's lead energizer, fulfilling 12.5 percent (1/8th) of India's energy needs by 2050," he said.
"Our plan involves setting up green hydrogen plants across all refineries and propelling the advent of hydrogen mobility in the country," the chairman noted. "As part of its carbon-neutral energy vision, your company plans to establish 1 GW of renewable energy capacity with an investment of over Rs 5,000 crore," the chairman said.
On hydrogen, the firm is looking to convert half of its current hydrogen consumption to green by 2030.
Read Also : Shri Arvind Shrivastava takes charge as Secretary, Department of Revenue, Ministry of Finance
"This green arm will spearhead our initiatives in renewable energy, ensuring that we remain at the forefront of the energy transition and contribute significantly to India's ambitious renewable energy targets."
The firm aims to enhance its renewable energy capacity to 31 GW by 2030, primarily through solar and wind projects, Vaidya said, adding that IOC is integrating renewable power into its refinery operations. It also generates fuel stations and installations with solar energy.
The company is scaling up its capacity, targeting an increase to 13 million tonnes and achieving a petrochemical intensity index of 15 percent by 2030, it added in a report.
Read Also : G K Singh to join as New DG & CEO of IICA