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Indian Oil Corp
Indian Oil Corporation (IOC), the nation's biggest oil company, will comply with all applicable sanctions, Chairman Arvinder Singh Sahney said on Monday, steering clear of remarks on purchases from Russia. Indian refiners are likely to scale back on the import of Russian oil to avoid secondary sanctions on shipping and banking after the US imposed fresh sanctions with a view to curbing Moscow's earnings from oil sales. "We will abide by all sanctions imposed by the international community," he said. He, however, refused to comment on the IOC's purchases of Russian oil. Russian oil made up for 21 per cent of the crude oil IOC imports during April-September. IOC's subsidiary Chennai Petroleum Corporation Ltd (CPCL) has halved Russian oil imports this month, coinciding with the fresh sanctions the US imposed on Russian oil. US President Donald Trump, late October 22, imposed sanctions on Russia's Rosneft and Lukoil, in a bid to pressure Moscow into ending its war on Ukraine. A day l
Indian Oil Corporation's (IOC) transformative project SPRINT has started to show results with improved operational performance at refineries and the company is regaining leadership position in fuel retail expansion, Chairman Arvindar Singh Sahney said. India's largest oil firm in April unveiled Project SPRINT that looks to make the firm future-ready by fashioning businesses to meet changing global energy landscape and stay relevant and profitable. SPRINT stands for strengthening core businesses of oil refining, petrochemicals and fuel marketing, propel cost optimisation to increase profitability, reinforce customer centricity, integrate technology and innovation, nurture leadership and talent, and be transition-ready. IOC called SPRINT a transformation project that will keep the firm rooted in its core strengths, while at the same time preparing for an eventual transition away from fossil fuels. "To sustain leadership in a changing energy landscape, the company must evolve with spe
Cooking oil is often discarded after being used for frying at home or in restaurants. However, a refinery of IndianOil has now won a certification to use the same oil to produce sustainable aviation fuel (SAF), the company chairman Arvinder Singh Sahney said. SAF is an alternative fuel made from non-petroleum feedstocks that reduces emissions from air transportation. It can be blended up to 50 per cent in conventional aviation turbine fuel (ATF or jet fuel), depending on availability. India has mandated 1 per cent SAF blending in jet fuel sold to international airlines from 2027. IndianOil's Panipat refinery in Haryana has won the International Civil Aviation Organization's (ICAO) ISCC CORSIA certification (International Sustainability and Carbon Certification - ISCC - developed under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) to produce SAF from used cooking oil, he said. "We are the only company in the country to get this certification," he ...
State-owned Indian Oil Corporation (IOC) has finalised the levelized cost of hydrogen (LCoH) for setting up a 10,000 tonnes per annum green hydrogen generation unit at its Panipat refinery and petrochemical complex in Haryana, advancing India's clean energy ambitions. "This marks IOC's entry into the green hydrogen space with India's largest-ever green hydrogen project to date," the firm said in a statement. IOC, however, did not give costing and other financial details. "Slated for commissioning by December 2027, the green hydrogen produced will replace fossil-derived hydrogen in refinery operations, resulting in substantial reduction in carbon emissions," it said. Hydrogen is a fuel that finds vast applications across industries ranging from oil refineries to steel plants and can power cars, trucks, trains, ships, and even industrial processes. It can be produced from a variety of sources. Green hydrogen is hydrogen gas produced by splitting water using renewable energy sources