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The state-controlled Indian refiner, IOC, has unveiled plans to inject an investment of 16.6bn rupees ($200mn) in equity. This move comes as part of its collaboration with the gas utility company, NTPC, aiming to erect renewable energy plants. The primary objective of this venture is to supply 650MW of uninterrupted green power, geared towards powering the next generation of refinery projects.

According to its annual report, IOC has ambitious plans on the horizon. The company is gearing up to scale its refinery operations, targeting a significant 107mn t/yr (2.15mn b/d). However, it's worth noting that the report didn't specify an exact timeline for this mammoth expansion.

A deep dive into IOC's expansion blueprint reveals a series of strategic upgrades. At the forefront is the Panipat refinery. Currently operating at 301,000 b/d, it's set to undergo a transformation, with its output capacity projected to surge to around 502,000 b/d. The Gujarat refinery isn't far behind. From its current 275,000 b/d, plans are afoot to ramp it up to 361,000 b/d. Meanwhile, the Barauni refinery, presently churning out around 120,000 b/d, is slated to see an increase to 180,000 b/d.

The Digboi refinery, with its current capacity of just over 13,000 b/d, is on track for an expansion to 20,000 b/d. Not to be left out, the Manali refinery, under the Chennai Petroleum banner, along with the upcoming Cauvery basin refinery, is set to witness a capacity hike. As per the insights from IOC's annual report, the combined output of these refineries is expected to leap from 211,000 b/d to an approximate 392,000 b/d.

In the renewable energy spectrum, IOC's current prowess stands at 238.7MW. With its alliance with NTPC Green Energy, the company envisions a robust enhancement, aiming for an added 2GW to its renewable capacity. Additionally, in a stride towards a greener future, IOC has joined forces with SJVN. Their collective goal? To produce a staggering 15GW of renewable energy by 2030. This aligns seamlessly with IOC's overarching mission of attaining scope 1 and 2 net-zero emissions by the year 2046.

Branching out further, IOC is making strides in the realm of green hydrogen. The company has embarked on preliminary agreements with industry giants ReNew Power and L&T, setting the stage to delve deeper into this promising sector.

Zooming out to a national perspective, India's environmental vision is crystal clear. The country is resolute in its commitment to attain net-zero emissions by 2070. Furthermore, there's a concerted effort to reduce carbon emissions, with a target set at a reduction of 1bn t by the close of 2030. At the heart of this national endeavor is the goal to triple the country's renewable capacity, aiming for a benchmark of 500GW before the dawn of 2030.

According to the article by Procurement Resource, the Indian refiner IOC is investing 16.6bn rupees ($200mn) in a partnership with gas utility NTPC to establish renewable energy plants for upcoming refineries. Their goal is 650MW of green energy. IOC plans to boost its refinery operations to 107mn t/yr. Key refineries like Panipat, Gujarat, and Barauni will see significant capacity expansions. Currently, IOC's renewable capacity is 238.7MW, but partnerships aim to increase this by over 2GW. The company is also exploring green hydrogen with ReNew Power and L&T. India targets net-zero emissions by 2070 and a tripling of renewable capacity by 2030.