State-owned Indian Oil Corporation Limited (IOCL) said its new refinery and expansion projects would meet 85% of their power requirements from renewable sources in the “near future.” The move came after India announced its commitments to reducing the carbon intensity of its economy by 45%, cutting its estimated emissions by 1 billion tons of CO2 equivalent by 2030, and achieving carbon neutrality by 2070.
IOCL is planning to raise its crude throughput by 25% or about 350,000 bpd in the next four years through expansion projects at four of its refineries. The company is constructing its first commercial green hydrogen plant at its 160,000 bpd Mathura refinery as part of its business diversification plan from fuel to hydrogen, petrochemicals, and battery technologies. It will also launch electric vehicle charging facilities at 10,000 fuel stations in the next three years, 2,000 of which will open next year.
