Indian Oil to invest Rs 2.4 lakh crore for achieving net-zero emissions target

28 Aug 2023 , 09:20 AM

Indian Oil Corporation (IOC) intends to invest around Rs 2.4 lakh crore to reach its net-zero emissions target by 2046.

IOC, the country’s largest refiner and retailer of fossil fuels, also aims to invest nearly Rs 1 lakh crore to increase its refining capacity by one-third to 107 million metric tonnes per year.

‘Our well-crafted blueprint, with a staggered investment plan of about 2.4 trillion or $30 billion,’ chairman Shrikant Madhav Vaidya told shareholders at the company’s annual meeting.

Vaidya stated, ‘As company guides the realms of India’s green agenda, I must also emphasize that given India’s progress trajectory and geopolitical realities, it is imperative that we strengthen our focus on the traditional fuel business.’ 

He referenced the International Energy Agency’s newest forecast, which shows India’s oil demand rising from the current 5 million barrels per day (mbpd) to 7 mbpd by 2030 and 9 mbpd by 2040.

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