With the edge proffered by its R&D centre, Indian Oil Corporation Ltd (IOC), the over-$70-billion public sector oil giant, is transitioning from an adopter to provider of indigenously developed refinery technology to the world. Its R&D now has the capability to supply about 90 per cent of the technology needed to set up a modern greenfield refinery. Meanwhile, the company’s R&D operations are getting strengthened for the future with two major developments.
First, it is on the verge of becoming a full-fledged refinery technology player from concept to commercialisation. Second, its upcoming ₹2,300-crore world-class R&D facility, about 8 km from the existing one in Faridabad, is expected to provide a significant technological edge to IOC not just in its core refinery and lubricants segment, but also in alternative energy areas.
The oil major’s R&D centre in Faridabad has commercialised at least a dozen technologies at various plants of the company. The cumulative improvement in GRM (gross refining margin) on account of the adoption of own technologies at IOC refiners is estimated at ₹1,577 crore per year. Its flagship INDMAX is a residue upgradation technology that maximises the LPG yield in a refinery. This technology has won many international awards, beating global refinery giants such as BP and Total.