Indian Oil Corporation Ltd (IOCL), the flagship national oil company of India, is carrying out a major investment to set up a green aviation fuel plant in India, which will account for a whopping INR 1000 crore (USD 122 million).
The investment lines up with the company's goal to lower its carbon footprint and encourage sustainability. The plant is expected to be inaugurated in Panipat or Mathura since the company's refinery located in Panipat is the first one to make the shift to more Eco-Friendly BS III / IV fuels compared to the conventional BS-II/BS-III fuels.
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IOCL will kickstart the initiative alongside LanzaJet Inc (a US-based clean energy technology company) and other local airlines to produce sustainable aviation fuel (SAF), which is likely to cost around INR 3,000 crore.
The shift towards the usage of an eco-friendlier fuel is propelled by the aviation sector's goal to lower its carbon footprint. This is a crucial step for the industry as aviation fuel demand is only expected to rise in the future, which arises concerns for the environment. Hence, the company's move comes as a step in the right direction, as it will help tackle the increasing fuel demand while reducing the overall carbon footprint.
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According to the article by Procurement Resource, IOCL, the Indian Oil Corporation, paired with LanzaJet Inc, a US-based clean energy technology company, and a few other domestic airlines, is going to launch a new facility for the green aviation fuel plant in India, which will help boost production and tackle the rising demand for sustainable aviation fuel (SAF), and simultaneously lower the company's carbon footprint. The move is being seen as a breakthrough and will set an example for other companies to follow in their footstep.
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