IOC said it has obtained nine licenses to sell gas to households, automobiles and small industries, about a third of the demand capacity in 61 geographies across different states recently auctioned by the Petroleum and Natural Gas Board.
see photosThe company is already working on gas sales projects worth Rs 200 billion.
The country’s top refiner and fuel retailer Indian Oil Corp aims to invest 70 billion rupees ($944.02 million) to build gas sales network infrastructure, including pipelines, in new areas, the company said on Sunday.
IOC said it has obtained nine licenses to sell gas to households, automobiles and small industries, about a third of the demand capacity in 61 geographies across different states recently auctioned by the Petroleum and Natural Gas Board.
Natural gas, while still a fossil fuel, emits less CO2 than coal.
The new licenses granted to the IOC pertain to major districts in some states. The company is already working on gas sales projects worth Rs 200 billion.
Prime Minister Narendra Modi has set a target to increase the share of natural gas in India’s energy mix to 15% by 2030 from the current 6.2%. Natural gas, while still a fossil fuel, emits less CO2 than coal.
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India, the world’s third largest emitter of greenhouse gases, has set a target of 2070 for net zero carbon emissions.
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