Indian Oil Corporation, the nation's largest oil firm, is targeting to become a USD 1 trillion company by 2047, combining growth in traditional oil refining and fuel marketing with clean energy avenues like green hydrogen and EV charging, its chairman said. Indian Oil Corporation (IOC) posted a record net profit of Rs 39,619 crore (USD 4.7 billion) on a revenue of Rs 8.66 lakh crore (USD 104.6 billion) in the 2023-24 (April 2023 to March 2024) fiscal.

The company will continue to invest in fossil fuels and new energy avenues to have a balanced portfolio that will help achieve net-zero carbon emissions by 2046, company chairman Shrikant Madhav Vaidya said in its latest annual report.

It will expand oil refining capacity, and invest in petrochemical units that will convert crude oil into value-added chemicals directly, while also increasing its focus on gas, biofuels and clean mobility.

"With India's economy on the rise, the energy needs of the country are growing exponentially. As 'The Energy of India', we have been stepping up the pace and expanding our capabilities. We aim to become the nation's lead energiser, fulfilling 12.5 per cent (1/8th) of India's energy needs by 2050," he said.

IOC, he said, "embarking on an aspirational journey to become a 'One Trillion Dollar Giant' by 2047".

"Our goal to attain a revenue of one trillion dollars is set against the backdrop of India's vision to transform into an economy of over USD 30 trillion by 2047," he added.

IOC will "make significant capital investment in both brownfield and greenfield expansions to ensure uninterrupted energy," Vaidya said.

"Petrochemical integration will also be a key focus area that will greatly enrich our value chain."