Indian Oil Corporation Aims to Become a $1 Trillion Energy Giant by 2047
Key Ideas
  • Indian Oil Corporation targets to achieve $1 trillion revenue by 2047 by expanding into clean energy sources like green hydrogen and EV charging.
  • The company aims to balance traditional oil refining with investments in petrochemical units, gas, biofuels, and clean mobility to achieve net-zero carbon emissions by 2046.
  • IOC plans to increase renewable energy capacity to 31 GW by 2030, integrate solar and wind projects, and establish joint ventures for battery technologies.
  • With initiatives in hydrogen mobility, battery swapping networks, and compressed bioGas plants, IOC is strategically positioning itself for India's evolving energy landscape.
Indian Oil Corporation (IOC) is ambitiously aiming to reach a revenue of $1 trillion by 2047 by focusing on not only traditional oil refining and fuel marketing but also by venturing into clean energy avenues such as green hydrogen and EV charging. In their pursuit of a balanced energy portfolio, IOC is investing in petrochemical units, biofuels, gas, and clean mobility to achieve net-zero carbon emissions by 2046. The company is expanding its oil refining capacity and plans to invest in projects that convert crude oil into value-added chemicals directly. The chairman of IOC, Shrikant Madhav Vaidya, emphasized the company's commitment to becoming a significant player in India's energy sector, aiming to fulfill 12.5% of India's energy needs by 2050. With a vision to become a 'One Trillion Dollar Giant', IOC is strategically aligning its growth with India's economic aspirations. IOC is taking significant steps towards green initiatives, including hydrogen mobility, biofuels, electric mobility, and solar cooktops. The company has established a subsidiary, Terra Clean Limited, to consolidate its green energy businesses and is planning to invest in 1 GW of renewable energy capacity. By 2030, IOC plans to increase its renewable energy capacity to 31 GW primarily through solar and wind projects. The company has formed joint ventures with technology companies for battery technologies and aims to establish one of the largest battery-swapping networks in India by 2030. IOC is also focusing on hydrogen, with plans to convert half of its current hydrogen consumption to green hydrogen by 2030. Additionally, the firm is targeting the expansion of battery swapping solutions for various vehicle segments. Overall, Indian Oil Corporation is strategically positioning itself for the future by embracing renewable energy, clean mobility solutions, and technology partnerships to lead India's energy transition and contribute to the country's ambitious renewable energy targets.
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