The Indian Oil Corporation (IOCL) will set up a new research and development (R&D) centre at an outlay of Rs 3,200 crore in Faridabad in Haryana.

IOCL is focusing on converting its refineries into integrated complexes where differentiated petrochemicals are made while going ahead with development of alternative fuels.

The new centre will be ready by 2023. It will have five centres of excellence and the total R&D headcount will double to 1,000.

The proposed centre will do research on areas like alternative and renewable energy, nanotechnology, etc. Spending about Rs 500 crore annually on R&D, IOC has monetised its research outcome.

During the run-up to BS-VI fuel production, IOCL had set up hydrogen plants and there is surplus now. To start with, the hydrogen plant at its refinery in Gujarat may be monetised.

IOCL also plans to convert 10 percent of its hydrogen consumption to green hydrogen and its Mathura refinery will become green by 2024. It has plans to set up a pilot plant to make biofuel with ethanol to power aircraft.

The company is also looking at investing in coal bed methane blocks and integrating all its refineries with petrochemical products.