CHENNAI: Indian Oil Corporation on Wednesday unveiled its plan on tapping into alternate energy resources as it announced the setting up of the world’s largest renewable energy research centre with an outlay of Rs 3,200 crore in Faridabad, Haryana.
SSV Ramakumar, Director, Research and Development and Business Development, IOC, told reporters that this is the highest spend in research and development by the company, which has an annual turnover of $80 billion.
“The construction works started in a 62 acres new campus which is 8km from the first campus and the new centre will be ready by July 2023,” he added.
“It will focus on centres of excellence, which includes material science, biofuels, alternate energy and nanotechnology. It will be net zero power and net zero water. It is constructed by famous architects Shapoorji and Pallonji,” he said.
IOC is also planning to integrate oil refineries with petrochemicals to ensure it is not dependent on import of materials and remains Atmairbhar. Ramakumar said: “In next two to three years, two well integrated refineries, Panipat and Paradeep in Odisha, and other refineries which are in the race for integration will be able to fill the void and meet the demand of Indian consumers who were looking to import these products from abroad. Most of refineries are raring to get integrated. In the next 10 years the petrochemical demand is going to be extremely robust. Now our per capita petroleum product consumption is one-sixth of the developed world which is 20kg,” he said.
He said after the government’s directive of mixing 20% of ethanol with gasoline from the present 10%, oil manufacturing companies are now looking at manufacturing ethanol from fermenting sugarcane, maize, agricultural residues like cotton, wheat and paddy straw.
“We are also talking with auto manufacturers to make their future vehicles compliant with ethanol-20,” he said.