IOCL agrees for oil supply contracts with Petrobras, Ecopetrol

State-owned Indian Oil Corp. Ltd. has inked long-term oil supply contracts with Brazil’s Petroleo Brasileiro SA (Petrobras) and Colombia’s state-run Ecopetrol SA, boosting the country’s energy security. The contract with Petrobras for 1.7 million metric tonne per annum (mmtpa) was inked during India’s petroleum and natural gas secretary Pankaj Jain visit to Brazil last week

IOC to invest $25 billion to realize net-zero goals set for 2046

Indian Oil Corp, the country’s top refiner, plans to invest more than $25 billion to achieve net-zero emissions from its operations by 2046, its chairman S. M. Vaidya said at an annual shareholders meeting. India, one of the world’s biggest greenhouse gas emitters, is aiming to reach net-zero emissions for the country by 2070. On

IOC, ONGC together will make bid for JBF Petrochemicals

ONGC and Indian Oil will submit a joint financial bid for JBF Petrochemicals, which is under corporate insolvency process. The submission of EoIs constitutes the first step. After that, interested parties can conduct due diligence on the target company before submitting financial bids to purchase it. JBF Petrochemicals, a manufacturer of purified terephthalic acid, or

L&T commissions new green hydrogen plant in Gujarat

Larsen & Toubro (L&T) commissioned a new green hydrogen plant at Hazira in Gujarat. The development comes five months after the company inked a joint venture with Indian Oil Corporation (IOC) and ReNew Power for the production of green hydrogen. L&T and IOC had also inked a separate joint venture for the production of electrolysers.

It is taking time to materialize ethanol from 2G sources in India

India’s plan to produce ethanol from second-generation (2G) sources – mainly farm waste – is taking time to materialise. As the first second-generation ethanol plant in India set up by Indian Oil Corporation (IOC) in Panipat is scheduled to be dedicated to the nation by Indian PM today. Though state-run oil companies had decided to

Indian PM to dedicate 2G ethanol plant in Panipat to nation

Indian Prime Minister Narendra Modi will dedicate to the nation a second generation (2G) ethanol plant tomorrow. The plant was built at an estimated cost of $11.31 million (Rs 900 crore) in Haryana’s Panipat. The dedication of the plant is part of a long series of steps taken by the government over the years to

Carbon trading market likely in India

As part of its efforts to hasten the transition to cleaner fuels, India is likely to introduce a carbon trading market for major emitters in the energy, steel and cement industries. The platform is expected to be announced by Prime Minister Narendra Modi at Independence Day celebrations on August 15. The market would initially be

IOC targets to replace fossil fuels with green hydrogen for decarbonization drive

Indian Oil Corporation (IOC) is targeting to replace at least a tenth of its current fossil-fuel-based hydrogen at its refineries with carbon-free green hydrogen as part of a decarbonization drive. The nation’s largest oil firm is setting up green hydrogen plants at its Panipat and Mathura refineries, IOC said in its latest annual report. The

IOC to invest $9.35 mn to raise Digboi refinery capacity

State-owned Indian Oil Corporation (IOC) will invest over $9.35 mn (Rs 740 crore) to raise the capacity of the nation’s oldest oil refinery at Digboi in Assam. IOC said its board has approved raising of Digboi refinery capacity from 0.65 million tonnes per annum to 1 million tonnes along with associated facilities at an estimated

Higher energy costs of Indian ethanol makers will be borne by oil retailers

The state fuel retailers in India are ready to offer monetary relief to sugar mills and other producers of ethanol to compensate for high energy costs. The objective behind this step from oil companies is to boost biofuel production. The Indian government fixes the ethanol purchase prices for fuel retailers – Indian Oil Corp, Bharat