RIL devising plan to become clean energy company in 15 years: BofA Securities

"A key focus for RIL is renewable energy, and for that it intends to build an optimal mix of clean and affordable energy with hydrogen, wind, solar, fuel cells and battery. RIL is also looking to make its operations cleaner and more customer-centric," said BofA Securities in its report dated 7 August.

Billionaire Mukesh Ambani on 15 July said RIL aims to become net carbon zero by 2035. Ambani had said while Reliance will remain a user of crude oil and natural gas, it is committed to embracing new technologies to convert its carbon dioxide emissions into useful products and chemicals.

RIL has begun converting its CO2 emissions at Jamnagar into high value proteins, nutraceuticals, advanced materials and fuels. The company has the largest single site refinery at Jamnagar in Gujarat with crude processing capacity of 1.24 million barrels per day.

It intends to develop next-generation carbon capture and storage technologies. The company is evaluating novel catalytic and electrochemical transformations to use CO2 as a valuable feedstock, BoFA Securities said, adding that RIL has proprietary technology to convert transportation fuels to valuable petrochemical and material building blocks. RIL also intends to replace transportation fuels with clean electricity and hydrogen.

"RIL is open to work with global financial investors, reputed technology partners, and start-ups working on futuristic solutions," it added.

RIL is also proposing to develop the 2,000 acre adjacent to its world-scale facilities at Jamnagar to build the COTC complex. The plan is also to convert the Jamnagar site's existing fluid catalytic cracking (FCC) unit to a high severity FCC (HSFCC) or Petro FCC unit, to maximise ethylene and propylene yields.

"RIL's strategy is to transform the Jamnagar refinery from a producer of transportation fuels to chemicals. The company ultimately wants to achieve a rate of more than 70% in the conversion of crude to olefins and aromatics," it said.