Indian Oil Corporation Plans Renewable Energy Expansion Amid Stable Crude Prices
Indian Oil Corporation (IOC) Chairman AS Sahney announced plans for renewable energy expansion, including a green hydrogen plant in Panipat and sustainable aviation fuel supply, amidst stable global crude prices projected at $60-$64 per barrel. He confirmed continued LPG subsidies until October 2026 and emphasized the company's commitment to net-zero emissions by 2046, alongside ongoing investments in biofuels and efficiency improvements.
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Indian Oil Corporation (IOC) Chairman AS Sahney announced at the World Economic Forum 2026 in Davos that global crude prices are expected to remain stable around $60-$64 per barrel due to ample supply, despite geopolitical risks. He ruled out any immediate excise duty hikes and confirmed LPG subsidy support until October 2026.
IOC is pursuing renewable energy initiatives, including a 10,000 tonne per year green hydrogen plant in Panipat, expected to be operational by December 2027, and plans to supply sustainable aviation fuel by mid-2026. Sahney emphasized the importance of refining margins in determining fuel prices and mentioned ongoing efficiency improvements across IOC's operations.
The company's net-zero target for 2046 and capital expenditure plans remain unchanged. IOC is also focusing on biofuels, compressed biogas, and ethanol as part of its long-term growth strategy.
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