Consolidating green assets under one umbrella to power India’s energy transition

Indian Oil Corporation Ltd. (IndianOil), India’s top refiner and fuel retailer, recently held the first IndianOil Green Energy Summit focusing on various sustainability initiatives that will catalyse India’s transition to green energy. During the summit, IndianOil underscored its intention to consolidate all its existing green assets under one umbrella and rapidly expand its footprint across sustainable energy avenues like biofuels, renewables, green hydrogen, carbon offsets, and carbon capture, utilisation, and storage (CCUS).

S M Vaidya, Chairman of IndianOil, remarked on the occasion that “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. Moreover, we are scaling up our green endeavors with a definitive focus, and going forward, we will consolidate our green assets under one umbrella for better synergy.”

IndianOil’s ambitious green roadmap includes effective collaborations to nurture commercial-scale green businesses and provide opportunities for investors and technology providers globally to partner in their journey. Their portfolio aims to achieve 3 GW of renewable energy and 0.6 MMT of biofuels by 2025, 35 GW of renewable energy, 4 MMT of biofuels, and 1 MMT of biogas by 2030, and 200 GW of renewable energy, 7 MT of biofuels, and 9 MT of biogas by 2050. IndianOil’s best-in-class ability on project execution will be pivotal in providing accessible, low-cost energy to every Indian throughout the country.

Expanding renewable energy footprint

The current renewable energy portfolio of IndianOil stands at 239 MW. It is being expanded through new wind, solar, hydel, and pumped hydro projects. They are also collaborating with NTPC to augment their renewable energy capacity by around 2.8 GW. IndianOil is also greening its 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 into 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 firmly established its presence in the nascent green hydrogen ecosystem of the country. The company has collaborated with ReNew Power Private Limited (ReNew) and Larson & Toubro Limited (L&T) for the Green Hydrogen Business. A 7 KTPA Green Hydrogen capacity is currently 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’s R&D Centre is also fully oriented towards developing low-carbon technologies and products.

Foraying into biofuels and expanding green offerings

IndianOil is actively involved in various biofuels projects and initiatives, including ethanol, biodiesel, compressed bio gas (CBG), organic manure, sustainable aviation fuel (SAF), and waste to energy. They have set up 2G and 3G ethanol plants at Panipat, and commissioned 20 CBG plants under the SATAT initiative, selling CBG from 41 retail outlets across India under the brand name IndiGreen. Additionally, they have established a cattle dung to CBG plant in Jaipur and a mixed waste to CBG plant in Gorakhpur. IndianOil continues to expand its range of eco-friendly products with innovative solutions like IndiGreen, XP95, XP100, Xtragreen, Xtra Tej, and SERVO Raftaar.

Leading India’s energy transition

IndianOil is the leader among Indian Corporates in the Oil & Gas sector as per the Global Rankings on the transition released by 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 percent of its total CAPEX as per the report. Today, IndianOil meets 9 percent of the nation’s energy needs and aspires to grow this share to 12 percent by 2030.

For more details, visit www. iocl.com/