IOCL Targets 10.5 Million Tonnes Natural Gas Sales by 2030 Amid Financial Pressure

IndianOil Corporation (IOCL) has set its sights on a ambitious natural gas sales goal of 10.5 million tonnes by 2030, building on last year's record performance of 7.09 million tonnes. This expansion plan is part of the company's broader effort to transform from a traditional oil refiner into an integrated energy utility.

To support this growth, IOCL is investing in city gas distribution (CGD) networks, pipelines, and liquefied natural gas (LNG) terminals. The state-run company has already achieved significant progress in these areas, with its record performance in FY26 a testament to its capabilities.

However, the immediate financial environment remains challenging for IOCL. In the first quarter of the 2026-27 fiscal year, the company reported a standalone net loss of ₹2,661 crore, a sharp reversal from the profit of ₹5,689 crore in the same quarter the previous year.

The company's path to 2030 involves more than just gas. Management has outlined a target to increase its petrochemical intensity, a measure of how much it produces high-value chemical products from every barrel of oil, to 15% by 2030, up from roughly 6% today.