We are scaling up our capacity, targeting an increase to 13 million tonnes and achieving a petrochemical intensity index of 15 per cent by 2030 - Shrikant Madhav Vaidya, Chairman, IOC

New Delhi: Indian Oil Corporation (IOC), the nation’s largest oil firm, is targeting to become a $1-trillion company by 2047, combining growth in traditional oil refining and fuel marketing with clean energy avenues like green hydrogen and EV charging, its chairman said.

IOC posted a record net profit of Rs39,619crore ($4.7 bn) on a revenue of Rs8.66 lakh cr ($104.6 bn) in the 2023-24 (April 2023 to March 2024) fiscal. The company will continue to invest in fossil fuels and new energy avenues to have a balanced portfolio that will help achieve net-zero carbon emissions by 2046, company chairman ShrikantMadhavVaidya said in its latest annual report.

It will expand oil refining capacity and invest in petrochemical units that will convert crude oil into value-added chemicals directly, while also increasing its focus on gas, biofuels and clean mobility.

“With India’s economy on the rise, the energy needs of the country are growing exponentially. As ‘The Energy of India’, we have been stepping up the pace and expanding our capabilities,” he said.