In order to boost clean energy initiative, IndianOil signed an MOU with Gujarat govt. for setting up a Hydrogen Dispensing Facility, Petrochemical and Lube Integration (LuPech) Project at its Gujarat Refinery at Vadodara. IndianOil will invest $3.4 billion to expand Gujarat Refinery.
- The MoU also includes Acrylics / Oxo Alcohol Project at the Refinary
- IndianOil’s Gujarat Refinery will be implementing India’s first Hydrogen Dispensing Facility as a clean fuel initiative.
- The LuPech project will produce import substitutes like Lube Oil Base Stock (LOBS) and Polypropylene. The Acrylics/Oxo Alcohol Project at Dumad and Gujarat Refinery will manufacture value-added Butyl Acrylate, a key ingredient for paints, coatings, adhesives, textile chemicals, plasticizer industry, and other similar products.
The major investments and deals by IOC are featured below:
Feb 2021: To boost energy base in India, Indian Oil Corporation Limited (IOC) had announced to set up two ethanol plants in Telangana and Andhra Pradesh with investment of USD 163 million. The company also plans for a GigaWatt scale EV battery manufacturing plant jointly with an Israeli company.
Sep 2020: The leading oil marketing company Indian Oil Corporation announced to invest approximately $2.6 billion to implement Petrochemical and Lube Integration at its Gujarat Refinery. The integration of Polypropylene and Lube Oil Base Stock (LOBS) units will enhance the petrochemical and specialty products integration index of Gujarat Refinery.
August 2020: To expand production of Para-Xylene (PX) and Purified Terephthalic Acid (PTA), the Indian Oil Corporation had announced an investment of approximately $2 billion for PX-PTA complex at Paradip, Odisha, India.
January 2020: IndianOil, has signed an MoU with the National Petroleum Authority (NPA) of Ghana to provide assistance and technical expertise in the implementation of Ghana’s National LPG Promotion Policy. India has emerged as a world leader in the provision of clean energy to its people through the expanding network of LPG. India will help Ghana to promote to safe, clean, and environmentally friendly LPG for increased domestic, commercial and industrial usage.
January 2020: Indian Oil Corporation (IOC), plans to expand its India’s Gujarat refinery to 18 million tonne per annum (mmtpa) from 13.7 mmtpa currently. The expansion will include the facelift of existing hydrogen generation unit for production of syngas and hydrogen, a new n-butanol processing unit, and a revamp of liner alkyl benzamine (LAB) unit.
January 2020: IndianOil announced an agreement with Cummins Technologies for bulk dispensing of IndianOil’s Diesel Exhaust Fluid (DEF) in their advanced engines with SCR ( Selective Catalytic Reduction) systems. As per agreement the technical knowledge of Cummins combined with the bulk dispensing expertise of IndianOil shall help offer a world-class product to the customers across the country. India will shift to BS-VI auto fuel emission norms
from April 2020. The automobile companies are effecting several technical changes in diesel vehicles such as provision for fitting diesel particulate filter and selective catalytic reduction (SCR).
September 2019: IndianOil inaugurated its Biomethanation Plant at Faridabad, Haryana in India. The new plant will convert organic waste to energy with the help of two-stage Biomethanation Technology. The Biomethanation is an environment friendly process for conversion of organic waste such as food & vegetable waste, organic fraction of municipal solid waste, and crop residue to energy.
September 2019: Indian Oil announced plans to set-up the second R&D centre in Faridabad, Haryana. The new R&D centre will hire more than 400 scientists, and the completion of the second campus would take the strength to 1,000 scientists. The new centre will research alternative & renewable energy, petrochemicals, industrial bio-technology, nanotechnology, refining technology, applied metallurgy, pipeline research, catalytic interventions for clean energy processes and carbon nanotube & batteries.
About Indian Oil Corporation Limited:
Indian Oil Corporation (IOC) is a leading integrated energy company headquartered in New Delhi, India. It is India’s largest fuel retailer and oil refining company owned by Indian government. The company has workforce of more than 33000 people across the country. IOC is involved in oil refining, distribution & marketing infrastructure and advanced R&D facilities. IndianOil has a presence in almost all the streams of crude oil & gas, petrochemicals, gas marketing, alternative energy sources and globalization of downstream operations. IOC has subsidiaries in Sweden, Sri Lanka, Mauritius, the UAE, Singapore, USA, and The Netherlands.