Industry shift: A large crude carrier chartered by Indian Oil Corp is seen near Sri Lanka. The company has developed a hydrogen-spiked compressed natural gas fuel and extols the virtues of hydrogen like other oil giants trying to reposition themselves. — Reuters
MUMBAI: Indian Oil Corp, one of the biggest refiners in Asia, is taking the bus to reach what it considers the future of energy: hydrogen.
The company that sells almost half the oil products in India will deploy 50 buses around the capital powered by fuel cells running on hydrogen-compressed natural gas, chairman Shrikant Madhav Vaidya said.
The fleet will serve the public and could start rolling as soon as this year, potentially creating a new market for a producer trying to rebound from its first annual loss in at least 20 years.
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