Indian Oil To Enter Elite League Of Formula One Fuel Producers

India’s energy giant Indian Oil Corporation (IOC) is making a high-speed entry into the elite world of Formula One (F1) racing by announcing its plans to produce specialized high-octane petrol for the sport. This move will place IOC on the global map of F1 fuel producers, marking a significant milestone for the company and the country.

What Happened: IOC is gearing up to produce high-octane petrol for Formula One (F1) racing, with production expected to start in three months at its Paradip refinery in Odisha, as reported by PTI.

According to the publication, IOC, which dominates about 40% of India’s fuel market, will become the first Indian company to enter the F1 fuel production arena, competing with global giants like Shell. The F1 fuel, known for its high octane levels, is subject to stringent regulations by the Federation Internationale de l’Automobile (FIA).

The company’s chairman, Shrikant Madhav Vaidya, stated that IOC expects to receive certification for its F1 fuel within the next three months.

See Also: Mukul Agrawal-Backed Small Cap Stock Surges 11% After Brokerage Retains ‘Buy’ Call

IOC’s move into the racing fuel market includes the introduction of ‘Storm’ petrol for motorcycle racing and becoming the official fuel partner for the FIM Asia Road Racing Championship. The company is now focusing its R&D efforts on producing Category-1 fuel and soon, the coveted Formula 1 fuel, with Vaidya emphasizing the importance of entering the F1 segment to complete their journey.

The F1 fuel, currently incorporating 10% renewable ethanol, will become even more sustainable with plans to increase this to 40% this year and transition to 100% sustainable fuel by 2026. IOC aims to match these standards and pitch to automobile manufacturers involved in F1 racing.

Why It Matters: The entry of Indian Oil into the F1 fuel market is a testament to the company’s commitment to innovation and global competitiveness. By producing high-octane fuel for one of the most technologically advanced and demanding sports in the world, IOC is not only diversifying its product portfolio but also aligning with the global shift towards sustainability in motorsports.

The move is expected to enhance India’s reputation in the international racing community and potentially open up new business avenues for IOC with automobile manufacturers and racing teams. Moreover, the company’s alignment with the FIA’s push for more sustainable fuels resonates with the broader environmental goals of reducing carbon emissions and promoting renewable energy sources.

Read next: How To Check JG Chemicals IPO Allotment Status

Engineered by Benzinga Neuro, Edited by Shomik Sen Bhattacharjee

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

Market News and Data brought to you by Benzinga APIs

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: SportsGeneralFormula OneIndian Oil