Indian Oil Corporation's Ambitious Plans to Elevate India's Energy Sector

Indian Oil Corporation (IOC) announces plans to expand its oil refining capacity by 25% and diversify into clean energy, aiming to meet one-eighth of India's energy needs by 2050. With a record net profit and significant investments in petrochemicals and renewable energy, IOC targets net-zero carbon emissions by 2046.

State-owned Indian Oil Corporation (IOC) is set to elevate its oil refining capacity by a quarter to address India's rising energy demand, according to Chairman Shrikant Madhav Vaidya.

With nine refineries, extensive pipelines, LPG bottling plants, aviation fuel stations, and 61,000 customer touchpoints, IOC targets to meet one-eighth of India's energy needs by 2050. The nation's oil demand is projected to surge from 5.4 million barrels per day in 2023 to 8.3 million bpd by 2050, necessitating an increase in refining capacity from 70.25 million tonnes per annum to 88 million tonnes per annum while scaling up both conventional and non-conventional energy sources.

IOC aims to become a USD 1 trillion company by 2047 by integrating traditional oil refining with green hydrogen and EV charging. The company reported a record net profit of Rs 39,619 crore (USD 4.7 billion) for the 2023-24 fiscal. IOC plans to continue investing in both fossil fuels and new energy avenues to achieve a balanced portfolio and net-zero carbon emissions by 2046.