Indian Oil to invest US$ 30 billion to achieve 2046 net-zero target
- IBEF
- August 28, 2023
According to the chairman of Indian Oil Corp, the oil refiner intends to spend US$ 30 billion to reach its net-zero operational emissions target by 2046.
"Our well-crafted blueprint, with a staggered investment plan of about US$ 30 billion (Rs. 2.4 trillion), will take us towards the net-zero destination," Indian Oil chairman Mr. Shrikant Madhav Vaidya said at the company's annual shareholders meeting.
Indian Oil, the country's largest refiner and retailer of fossil fuels, also wants to invest more than US$ 12.10 billion (Rs. 1 lakh crore) to increase its refining capacity by a third to 107 million metric tonnes per year.
According to Mr. Vaidya, Indian Oil is partnering with Italy's Snam to investigate the possibilities of converting existing natural gas pipes for hydrogen transportation.
The board of Indian Oil has given stage-1 clearance for the construction of the Paradip petrochemical complex in Odisha, which is expected to cost more than US$ 7.38 billion (Rs. 61,000 crore), he added.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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