The Business Bytes
TBB BUREAU
BHUBANESWAR, FEB 24, 2023
Oil giant Indian Oil (IOCL) has resolved to achieve net-zero operational emissions by the year 2046 through new green initiatives, said a senior executive of the Company here on Friday.
Addressing media persons today, NM Nimje, Chief General Manager, Odisha State Office, IndianOil, said “Indian Oil has declared 2023 as the year of “Strengthening the Green Resolve.” Going forward, we will immerse ourselves in new green opportunities and leverage the power of collaborations to strengthen our purpose.”
Sharing details on IndianOil’s net-zero strategy, Nimje elaborated the Company’s plans to achieve two-thirds of emission reduction through energy efficiency, electrification, and fuel replacement efforts, while about a third of the total emission would be mitigated through options such as CCUS, nature-based solutions and purchase of carbon credits.
Highlighting various ongoing investments and future investment plans of the company in Odisha, Nimje said the company has so far invested Rs 9,926 crore in the LPG bottling plant at Khurda, LPG import terminal at Paradip, Paradip-Hyderabad Pipeline, Paradip-Haldia Pipeline, Mono Ethyl Glycol Project at Paradip Refinery; and these projects would be completed in the next two to three months.
This apart, the ongoing PX-PTA project at a cost of Rs 13,806 crore will be completed by the end of the next financial year, said the IOCL CGM.
IOCL is transforming itself from an oil company to a power company, he added.
The company currently has 152 electric vehicle charging stations in Odisha, and would add 100 more in the next financial year. Similarly, the company has 19 CNG stations in Odisha, while 8 more CNG stations would be set up in the next financial year, he added.
He further said that IOCL currently blends 11.8 percent ethanol in its fuel, with a target of 20 percent by 2025.
“We are undergoing a remarkable transformation which is almost revolutionary. We are reducing dependence on imported fuels by promoting biofuel blending, green hydrogen, and working on the introduction of batteries for electric vehicles.”
He also emphasized green products such as XP 95, XP100, XTRAGREEN, and other eco-friendly lubricants developed by IndianOil.
Nimje informed that with the rising demand for electric vehicles, IOCL also plans to manufacture batteries for these vehicles. But instead of lithium-ion batteries, the company’s R&D wing is working on manufacturing batteries with Aluminium-air technology as India has enough alumina reserve. IOCL has formed a JV with Israel-based company Phinergy Private Ltd. for manufacturing aluminium-air batteries and its commercial production will start soon.
When asked that Odisha being the aluminium capital of India with almost 50 percent of alumina reserve is in the State, whether IOCL has any plan to set up plant to manufacture aluminium-air batteries, Nimje said that the company will think over it once commercial production starts.
