Industrial Highlights | Indian Oil Charts $1 Trillion Revenue Ambition by 2047, Diversifies into New Energy Sectors

May 2025 – Energy & Engineering Brief

Indian Oil Corporation Ltd (IOCL), India's leading state-owned energy enterprise, has unveiled an ambitious roadmap to achieve $1 trillion in revenue by 2047. This strategic vision encompasses a significant expansion of its traditional oil and gas operations and a bold diversification into emerging sectors such as data centers, nuclear power, battery manufacturing, and critical mineral mining.

Strategic Diversification and Expansion

To realize its revenue target, IOCL plans to:

Enhance Refining Capacity: Increase refining capacity from the current 81 million metric tonnes per annum (mmtpa) to 100 mmtpa by FY28.

Boost Petrochemical Output: Expand petrochemical production from 4.3 mmtpa to 13 mmtpa.

Scale Natural Gas Business: Double natural gas distribution and trading volumes from 8 mmt to 16.5 mmt.

Invest in Green Energy: Elevate renewable energy capacity from 247 MW to 31 GW, and develop 80 kilo tonnes per annum (ktpa) of green hydrogen production.

Enter New Sectors: Diversify into data centers, nuclear power generation, battery manufacturing, and critical mineral mining to align with global energy transition trends.

These initiatives are part of IOCL's broader strategy to achieve net-zero emissions operationally by 2047 and to evolve into a comprehensive energy and infrastructure conglomerate.

Infrastructure Development and Partnerships

IOCL is actively exploring partnerships to facilitate its entry and growth in new sectors:

Data Centers: Leveraging existing fiber assets and real estate to establish data centers, capitalizing on synergies with planned green energy projects.

Nuclear Power: Collaborating with Nuclear Power Corporation of India Ltd to set up two 700 MW units, with site identification underway.

Shipping and Logistics: Partnering with Shipping Corporation of India for very large crude carriers (VLCCs) and restructuring pipeline operations to enhance profitability and efficiency.

These collaborations aim to diversify risks, mobilize funds through shared investments, and streamline execution and implementation processes.

Clad Plate Applications in Oil & Gas and Petrochemical Industries

As IOCL expands its refining and petrochemical capacities, the demand for advanced materials in equipment fabrication is expected to rise. Clad plates, which combine the strength of a base material with the corrosion resistance of a cladding material, are integral in constructing:

Pressure Vessels: Handling high-pressure fluids in refining and petrochemical processes.

Heat Exchangers: Facilitating efficient heat transfer while resisting corrosive substances.

Columns and Towers: Used in distillation and chemical processing, requiring materials that withstand varying temperatures and corrosive environments.

Common Clad Plate Material Combinations

These material combinations are selected based on specific operational requirements, including temperature, pressure, and chemical exposure, to ensure durability and safety in processing environments.

Your Best Partner for Clad Plate & High Alloys: Fugo Tech

Nanjing Fugo New Material Tech Co., Ltd. (Fugo Tech) is an ISO 9001 and PED 2014/68/EU certified manufacturer specializing in Clad Material (Explosive Clad Plates & Rolled Clad Plate, Clad Bar & Clad Transition Joints) and Titanium, Nickel Alloy, and Stainless Steel products (Pipe/Fitting/Flange/Fastener) which are widely used in the Heat Exchanger, Pressure Vessel, Reactor, Column, Tower, and other process equipment.

Fugo Tech offers different material combinations of Clad Plate (Explosion-welded clad plate/composite plate & Rolled-welded clad plate/composite plate) , and also offers a wide range of materials, including Titanium, Nickel Alloy, Copper, Cu-Ni, and Stainless Steel, along with custom processing services (Tube Sheet drilling, Dish Head forming, and Overlay Welding) for Oil & Gas, Petrochemical, Chemical,  Energy, Paper & Pulp, Marine, Shipbuilding, Environment, Metallurgy, and New Energy Vehicles, with a strong focus on high-performance Clad Plate & Titanium & Nickel Alloy & Stainless Steel solutions.

For any new requirement, please contact: sales@fugo-tech.com

www.fugo-tech.com