IOCL's Bold ₹1.66 Lakh Crore Bet on Green and Growth

Indian Oil Corporation (IOCL), the country’s largest fuel retailer, has announced an ambitious investment of ₹1.66 lakh crore over the next five years to bolster its operations in refining, petrochemicals, natural gas, and renewable energy.

Speaking at the company’s annual general meeting, Chairman Arvinder Singh Sahney stated that IOCL’s refining capacity will increase from 80.75 million tonnes to 98.4 million tonnes per annum by 2028, driven by major expansions at its Panipat, Gujarat, and Barauni refineries. The company is also scaling up its petrochemical capacity from 4.3 million tonnes to 13 million tonnes by 2030, with a greater emphasis on specialty chemicals to reduce import dependence.

IOCL is expanding its pipeline network from 20,000 km to 22,000 km through 21 ongoing projects, including cross-border infrastructure in Nepal.

In line with its energy transition goals, the company has earmarked ₹2.5 lakh crore for green initiatives to achieve net-zero operational emissions by 2046. This includes investments in green hydrogen, sustainable aviation fuel, and a rapid increase in renewable energy capacity—from 1 GW to 18 GW within three years.

Additional plans cover the expansion of EV charging infrastructure, battery swapping stations, LNG/CNG outlets, non-fuel retail ventures, and coastal infrastructure development.

News by Rahul Yelligetti.