Despite the sharp fall in crude oil prices globally, government-owned oil companies are not scaling back their research and development (R&D) spends on alternative and renewable energy. They have, in fact, been aggressively increasing their outlays for such programmes.
For instance, Indian Oil Corporation, the nation’s biggest marketer and refiner, doubled its R&D spend from Rs 30 crore to Rs 60 crore this year. The company is conducting research in areas like biodegradable lubricants and oil refining technology. The company will shortly commission a pilot at its Faridabad centre, where it will install technology for coal gassification and production of ethanol from biomass.
“We are bullish on investing in forms of alternative and renewable energy. At our R&D centre, we are looking at developing eco-friendly lubricants and producing diesel from algae. We are also looking at tying up with international energy institutes,” said Anand Kumar, director, R&D, IOC. The company has recruited five scientists from international universities for its laboratories.
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For instance, Indian Oil Corporation, the nation’s biggest marketer and refiner, doubled its R&D spend from Rs 30 crore to Rs 60 crore this year. The company is conducting research in areas like biodegradable lubricants and oil refining technology. The company will shortly commission a pilot at its Faridabad centre, where it will install technology for coal gassification and production of ethanol from biomass.
“We are bullish on investing in forms of alternative and renewable energy. At our R&D centre, we are looking at developing eco-friendly lubricants and producing diesel from algae. We are also looking at tying up with international energy institutes,” said Anand Kumar, director, R&D, IOC. The company has recruited five scientists from international universities for its laboratories.
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