The US trade body has granted funding to the Indian Oil Corporation's (IOC) carbon capture, utilisation and storage capacity in the Koyali refinery in Gujarat. The US Trade and Development Agency's (USTDA) funding will support the company’s evaluation of technologies to capture and utilise carbon dioxide produced during refinery operations, presenting a novel and cost-effective environmental strategy that can be expanded to other refineries in India.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.