“As India’s energy custodians, your company has crafted a clear roadmap to drive India’s energy destiny. To fuel the rising energy demand of an ascendant India, we are committed to increasing our share in India’s energy pie from the current 9% to around 12.5% by 2050,” chairman Shrikant Madhav Vaidya told shareholders at the AGM.
The company will spend Rs 1 lakh crore on expanding refining capacity and Rs 2.4 lakh crore on projects for achieving net-zero carbon emissions from its operations. Another Rs 60,000 crore will be spent on building a petrochemical complex at Paradip in Odisha.
Indian Oil is leveraging varied energy pathways that will establish it “as a 360-degree energy company”, Vaidya said. “We are well aligned with the need to ensure equitable energy access and sustainable transition,” he added.