Indian Oil Corporation Limited (IOC) Chairman Srikanth Madhav Vaidya says that we do not want to limit ourselves to the sale of petroleum products alone. Our aim is to become the country's energy company. For this, the company is making its business model afresh. It will focus on the petrochemicals business.
The chairman of the company said, do not want to limit the sale of petroleum products
Vaidya said that the world is changing. We want to sell electric LPG and conventional fuel (petrol-diesel) at our petrol pumps, besides setting up electric vehicle charging and battery interchange stations. IOC has already installed EV charging points on its 76 petrol pumps. Battery interchange facilities have been installed at 11 petrol pumps.
In addition, the company is assessing various state-of-the-art battery technologies. He said, is the largest retail company, IOC faces the risk of losing market share to a new player. That is why we are looking at the way we do our retail business. The company, which has a 40 percent share in the country's petroleum products market, has introduced CNG with an 18 percent hydrogen mixture. There is no need to replace the old BS-4 vehicle. It gives CNG BS-6 vehicle-friendly emissions.