SABIC India Pvt Ltd.

Indian Oil Corporation Establishes Subsidiary for Clean Energy Business

March 17, 2023

Indian Oil Corporation (IOC), the largest oil refining and fuel marketing company in India, has established a new subsidiary to expand its low carbon, clean and green energy business, reports PTI.

The move is part of the company’s transition plan to achieve net zero emissions from its operations by 2046.

The subsidiary will consolidate all of IOC’s existing green assets, such as biofuels, renewables, green hydrogen and carbon offsets, under one umbrella, and rapidly expand its footprint across sustainable energy avenues. IOC is targeting 200 GW of renewable energy capacity by 2050, as well as 7 million tonnes of biofuels and 9 million tonnes of biogas. The company also plans to set up green hydrogen plants at all its refineries as part of a Rs 2 lakh crore green transition plan.

In addition to traditional fuels like petrol, diesel and LPG, IOC is also focusing on petrochemicals to hedge volatility in the fuel business. It is also turning petrol pumps into energy outlets that offer EV charging points and battery swapping options.

IOC is collaborating with NTPC to augment generation of electricity from solar, wind and other renewable sources by around 2.8 GW, and is solarising 20,705 petrol pumps with an installed capacity of 121 MW. The company also plans to set up 4,700 EV charging stations and 66 battery swapping stations, and is working with Israeli startup Phinergy to explore manufacturing lithium-ion and aluminium-air battery systems.

The company has firmed up collaboration with ReNew Power and Larson & Toubro Limited for green hydrogen business. It will set up a 7,000 tonnes per annum green hydrogen producing facility at its Panipat oil refinery at a cost of Rs 2,000 crore by 2025, and similar units will come up at other refineries in due course of time. The Rs 2 lakh crore investment planned to achieve net-zero covers the cost of setting up green hydrogen facilities at refineries, improving efficiency, renewable energy capacity addition, and alternate fuels.

IOC Chairman Shrikant Madhav Vaidya said the company is committed to energising India’s rising energy needs while also being the flagbearer of the country’s green energy transition.

Indian Oil Corporation To Establish 10,000 Ev Charging Stations Across India In The Next Three Years

November 04, 2021

The Indian Oil Corporation (IOC), the nation's largest oil firm, will set up 10,000 charging stations for electric vehicles (EVs) in the next three years as it prepares for the energy transition leading to net-zero by 2070, its chairman Shrikant Madhav Vaidya said. Prime Minister Narendra Modi on Monday made a pledge to cut emissions for the world's third-biggest emitter to net-zero by 2070.

While the IOC sees fossil fuels like petrol and diesel continuing to play a dominant role in meeting India's energy needs in the next couple of decades, the company is setting up the infrastructure to give confidence to automobile manufacturers for enhancement of EV production and to customers for an uninterrupted drive, Vaidya told reporters here.

"Energy pie of the country is growing. We are not a stagnant economy. Overall, our energy pie is growing and so all kinds of fuel will be needed to meet the energy needs," he said

Saudi's SABIC expects strong H2 after $2 bln quarterly profit

August 05, 2021

Petrochemicals giant Saudi Basic Industries Corp (SABIC) (2010.SE) swung to a $2 billion quarterly profit and said it expects solid performance to continue in the second half of 2021, backed by healthy demand and rising oil prices. SABIC, the world's fourth-biggest petrochemicals company by sales and asset value, swung to a second-quarter profit of 7.64 billion riyals ($2 billion) from a 2.22 billion riyal loss in the same period last year, beating the average forecast of 6.1 billion riyals by six analysts according to Refinitiv data.

"Average selling prices rose by more than 10% backed by oil price increases and healthier demand. We expect the second half of 2021 to be similar to the first half," CEO Yousef al-Benyan told a virtual news conference.

SABIC sales jumped 72.3% to 42.4 billion riyals in the second quarter from 24.6 billion a year earlier.

Benyan said his company, which is 70% owned by Saudi oil giant Saudi Aramco, will remain focused on the Saudi market, as well as the United States, China and Africa, where it is exploring growth opportunities, although he did not give details.

INDIANOIL TO INVEST ?13,805 CR TO SET UP NEW PLANT IN ODISHA

August 02, 2020

The paraxylene and purified terephthalic acid plant will be integrated with the IOC’s refinery facility in the port town of Jagatsinghpur district.

Indian Oil Corp to continue to operate its refineries below capacity in 2020/21?

August 01, 2020

NEW DELHI: Domestic oil demand would not return to pre-Covid levels any time soon due to rapidly rising infections and local lockdowns, which would in turn keep IndianOil’s refinery run rate at 70-75%, lower than 93% seen in July, chairman S M Vaidya said. 

Haldia Petrochemicals Sets Their Eyes On Nagarjuna Refinery

November 07, 2019

The Kolkata based firm as filed a fresh bid for the refinery of Nagarjuna oil in Cuddlore district of Tamil Nadu, this is one of the largest owned private refineries in the country which is currently facing insolvency with an estimated outstanding balance of about $1.4 billion both to it's lenders and operational creditors. If the board of creditors decides to take Haldia Petrochemicals on their offer, it would be one of the first of its kind in India for the resolution process of a privately-owned refinery which is expansive in its dimensions with about 2185 acre property and a fully functional refinery with advanced Sulphur Recovery Units (SRU's) installed

HPCL-Mittal Energy selects LyondellBasell’s polypropylene technology for Bathinda plant

February 15, 2019

LyondellBasell (Rotterdam, the Netherlands; www.lyondellbasell.com) announced that HPCL-Mittal Energy Ltd. (HMEL), has selected LyondellBasell’s fifth generation Spheripol polypropylene process technology for a 500,000 metric tons per year (m.t./yr) plant in Bathinda, India.