Indian Oil to triple gas sales, boost renewable energy to 31 GW by 2030

Indian Oil Corporation plans to increase its natural gas sales threefold and expand its renewable energy capacity to 31 GW by 2030.

Additionally, the company aims to establish a 5 GWh lithium-ion battery production capacity by 2031 as part of its strategy to diversify its energy portfolio.

As the largest oil refiner and retailer in India, Indian Oil has been focusing on developing its non-oil sectors, including investments in petrochemicals and natural gas. In response to the growing global emphasis on combating climate change, the state-owned enterprise is also incorporating renewable energy and battery technologies into its offerings, the report said.

Indian Oil has signed a strategic partnership with Panasonic Energy of Japan to explore the potential for producing lithium-ion battery cells within India.

Lithium-ion batteries

The company has entered into a strategic agreement with Panasonic Energy Company, Japan, to explore opportunities for advanced cell manufacturing of Lithium-ion batteries in India.

In its report titled ‘Integrated Annual Report 2023-24’, Indian Oil said, “With a vision to propel ‘Make in India’ for the world, the JV plans to establish a one GWh capacity factory by 2027, with an ambitious expansion to 5 GWh by 2031. This collaboration aims to position India as a global hub for advanced battery technology, supporting the nation’s transition to sustainable energy and transportation solutions.”

Battery swapping stations

Indian Oil is also leveraging its broad network of fuel retail locations by investing in battery swapping stations and expanding its electric vehicle charging infrastructure.

Currently, the company has provided battery swapping services at 99 fuel stations for electric vehicle users. “Battery swapping offers a quick and convenient solution for EV users, eliminating long charging times, extending battery life and reducing electronic waste,” the report said. It plans to develop a renewable energy capacity of 31 GW by 2030, focusing mainly on solar and wind initiatives.

“The company aims to enhance our renewable energy capacity to 31 GW by 2030, primarily through solar and wind projects. This expansion aligns with India’s target to achieve 500 GW of installed renewable capacity by the same year,” the report further said.

The company plans to maintain growth in its core fossil fuel sector, expecting an increase in domestic oil demand over the next decade. It aims to boost its capacity by 17 million tonnes per annum (MTPA) through upgrades at its Barauni (from 6 to 9 MMTPA), Panipat (from 15 to 25 MMTPA), and Vadodara (from 13.7 to 18 MMTPA) refineries.