The Indian Oil Corporation (IOC) will build the nation’s first green hydrogen plant at its Mathura refinery, Uttar Pradesh as it aims to prepare for a future catering to the growing demand for both oil and cleaner forms of energy.
IOC has drawn a strategic growth path that aims to maintain focus on its core refining and fuel marketing businesses while making bigger inroads into petrochemicals, hydrogen and electric mobility over the next 10 years.
The company will not set up captive power plants at all its future refinery and petrochemical expansion projects, instead use 250 MW electricity it produces from renewable sources like solar power.
The company has a wind power project in the state of Rajasthan. The company intends to wheel that power to its Mathura refinery and use that electricity to produce absolutely green hydrogen through electrolysis.