Indian Oil Targets Green Hydrogen Plants at All Refineries
The investment is part of the INR 2 lakh crore green transition plan announced by the company last year.
February 27, 2023. By Anurima Mondal
The announcement was made by IOC Chairman Shrikant Madhav Vaidya. Apparently, the investment is part of the INR 2 lakh crore green transition plan announced by the company last year.
In line with India's aim to reach net-zero emissions by 2070, the country’s largest oil firm is preparing for a transition involving green hydrogen and alternate fuels. It has also started offering electrical vehicle charging facilities at its fuel stations.
However, the company is also expecting India’s oil demand to rise from 5.1 million barrels per day to 7-7.2 million barrels per day by 2030 and 9 million barrels per day by 2040 and making plans to expand its refining capacity to 106.7 million tonnes from 81.2 million tonnes annually. As of now, oil remains the main energy source for transportation.
Known as the ‘cleanest fuel’ or the ‘fuel of the future’, hydrogen discharges only oxygen and water when burnt, but the cost-effectiveness of this fuel is a debatable topic. Due to the high production cost, industries refrain from using it. However, the Indian government is aggressively focussing on reducing costs.
In a recent World Sustainable Development Summit (WSDS), G20 Sherpa Amitabh Kant highlighted that from the current levels of USD 5 per kilogram, the price of green hydrogen needs to be reduced to about USD 2.5 per kilogram in the next few years.
Hydrogen is used by refineries to lower the sulphur levels in diesel. Indian Oil Corporation plans to produce green hydrogen by using electricity produced from renewable energy. It further expects to increase its RE capacity from 256 MW to 12 GW.
Meanwhile, IOC also aims to increase the petrochemical intensity from 5-6 percent to 10-12 percent.
please contact: contact@energetica-india.net.
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