IOC President and Managing Director Shrikant Madhav said Indian Oil Corporation’s Rs 900-crore 2G ethanol plant, inaugurated by Prime Minister Narendra Modi in August 2022, will reach capacity utilization in a few months from the current 30% 100% Vaidya.
During the interaction with reporters hinduism Vaidya Publications Group said the feedstock for bioethanol plants – rice husk (parali) – can only be collected for about 45 days and needs to be stored for a full year. The plant requires 150,000 tons of raw materials per year. He said the collection of raw materials has now begun so the plant will soon reach full capacity.
Refineries like IOC have until 2025 to supply gasoline containing 20% (bio)ethanol. Vaidya said that in October, the IOC mix was 12.5%, which will be increased to 15% next year and then gradually increased to 20% by 2025.
In addition, part of the 2G ethanol will be used to produce SAF (Sustainable Aviation Fuel), which will also be produced near the Panipat refinery in a joint venture by Lanzajet, a subsidiary of Lanzatech, which holds shares in international oil companies. The International Civil Aviation Organization’s Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) says airlines will fly using a 2% SAF blend. Vaidya said the IOC will supply fuel in compliance with the decision.
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Vaidya emphasized that “going green is no longer an option but an imperative” and “Today, I provide 9% of the country’s energy in all forms.” By 2045, this number will increase to 12.5%. All growth will come from green energy, he said.
On green hydrogen, he said a joint venture with L&T and renewable energy company ReNew Energy has been formed and “we will bid for projects”. In August, IOC floated a tender for setting up a 10,000 tonne-per-year green hydrogen capacity near its Panipat refinery. Vaidya said that the IOC-L&T-ReNew joint venture will participate in the bidding. The joint venture must bid for and win the project; he said the project would not be given to the company just because the IOC is a partner in the joint venture.
Vaidya said the IOC will build 500,000 tonnes of green hydrogen capacity per year by 2040. Asked whether green hydrogen would be inexpensive, he said it would cost three times as much as gray hydrogen (hydrogen produced through processes that produce greenhouse gases). emission). However, he said people should not always focus on the economy but on doing the right thing for the planet.
Vaidya refused to answer any questions about petrol, diesel and LPG prices or lack of recovery, saying the topic was a board discussion.