IndianOil the catalyst of nation’s transition to a cleaner tomorrow

In an interview with India Energy Week News, S M Vaidya, Chairman of IndianOil, outlines how India’s most prominent energy public sector enterprise is helping advance the nation’s journey towards achieving energy self-reliance and a sustainable energy mix

What will be the major theme of your company’s participation at India Energy Week 2023?

The inaugural edition of India Energy Week 2023 is the most significant global energy event after India’s ascent to the G20 Presidency. For IndianOil, the most prominent Indian energy public sector enterprise (PSE), India Energy Week 2023 is an opportunity to showcase our relentless quest to champion India’s green commitments on the world stage.

To bolster India’s aspirational journey to realise net-zero ambitions by 2070, IndianOil has set eyes on achieving Net Zero Operational Emissions (Stages I and II) by 2046. For us, 2023 is the year of ‘Strengthening The Green Resolve’ which seamlessly blends with the India Energy Week motto of ‘Growth. Collaboration. Transition’.
From well over a decade before the net-zero declaration, we have been relentlessly working on green energy landscapes to catalyse India’s transition to a cleaner tomorrow.

This is underscored by the fact that as per BloombergNEF’s Energy Transition Score Ranking 2022, IndianOil emerged as the top Indian energy company steering India’s green transition agenda forward. Indianoil has achieved this through a sustained focus on developing transition technologies and substantial green investments, an area where we ensured the highest investment among all Indian energy companies between 2015 and 2021. As we advance, IndianOil envisages an investment of more than Rs 20 billion to achieve the Net Zero Operational Emission target by 2046.

Could you outline some of IndianOil’s ambitious energy transition endeavours?

India Energy Week 2023 is a powerful platform to demonstrate IndianOil’s firm foothold on the green energy horizons and our ambitious transitional energy endeavours. Some such endeavours include:

Hydrogen Fuel:
Setting up of Green Hydrogen plants at Panipat (2 KTA) and Mathura (5 KTA) India’s first hydrogen dispensing station of 1.5 TPD set up in Gujarat. IndianOil, in collaboration with L&T and ReNew Energy, will be developing green hydrogen assets. Partnered with L&T for electrolyser production, an essential component in green hydrogen production and a major cost determinant.

2G Ethanol Plant at Panipat:
Asia’s first second generation (2G) ethanol bio-refinery, the IndianOil 2G Ethanol Plant in Panipat, will: Cut down about 300,000 MT of greenhouse gas emissions every year. Produce 30 million litres of ethanol per annum by utilising about 200,000 tonnes of paddy straw. Help in reducing air pollution caused due to stubble burning in northern India.

Compressed Biogas:
IndianOil has become the first company in India to sell compressed biogas under the Indigreen brand to customers through 39 retail outlets in nine states. IndianOil has awarded more than 2600 LOIs for 6.5 MMTPA CBG production capacity under the ambitious Sustainable Alternative Towards Affordable Transportation (SATAT) scheme.

Renewable Ventures
IndianOil will scale up the renewable capacity from the current 240 MW to nearly 5 GW by 2026 and 12 GW by 2046. Will form a JVC with NTPC Green Energy Limited for steering Renewable Energy based Power Projects to meet the 650 MW power requirement of IndianOil refineries.

Electric Vehicle Charging Stations and Battery technology:
To set up 10,000 EV charging stations by 2023-24 (has already set up more than 3400 EV charging stations and battery swapping stations) Formed a JV with Israeli company Phinergy Limited, IOC Phinergy Private Limited, to commercialise Aluminium-Air Battery technology in India.

As the first event of its kind that brings together conventional and unconventional energy companies on the same platform, how do you think India Energy Week will help build synergy between the two segments?

India is the third largest energy consumer globally, accounting for a mere 7% of the global energy demand, and is home to 18% of the worldwide population. Thus our energy requirements in the coming years are bound to grow exponentially. So while accelerating emission reduction and meeting climate goals is crucial, we must recognise that oil and gas will continue to play an essential role in sustaining the growth of developing economies like ours, at least for the next few decades.

This balanced approach kept India on firm footing even during the recent geopolitical crisis, and our socioeconomic growth saga continued unhindered. Let me affirm that IndianOil’s foray is a reflection of that national belief. Thus, while the national net-zero ambition is IndianOil’s guiding star in pursuing the inevitable energy transition, we also remain firmly committed to catering to India’s immediate energy challenges.

As a trailblazer in the Indian energy industry, we are dedicated to catalyse India’s journey towards achieving energy self-reliance and a sustainable energy mix by leveraging our presence in both traditional and non-conventional energy sectors. India Energy Week is thus the perfect platform to showcase our commitment to a balanced energy approach and spark discussions on seamlessly integrating traditional and non-traditional energy sources while prioritising environmental sustainability.