By Newscript News Network
August 20, 2025
Indian Oil Corporation (IOC) is reshaping its portfolio with a dual strategy: green aviation and steady crude supplies. On August 20, IOC signed a landmark MoU with Air India to supply Sustainable Aviation Fuel (SAF), becoming the first Indian company to secure ISCC CORSIA certification at its Panipat refinery.
“This is a watershed moment,” an IOC executive said. “For the first time, an Indian refiner can supply SAF that meets global sustainability standards.” Aviation accounts for 2-3% of global emissions, and SAF is seen as key to decarbonisation.
In parallel, IOC has resumed Russian crude imports, which were briefly halted in July as discounts narrowed. Russia supplied 22% of IOC’s crude in FY25, rising to 24% this quarter. Current contracts are being secured at $1.5 per barrel discount against Dubai benchmarks. “Russian flows remain competitive despite slimmer margins,” said a Delhi-based oil trader.
Together, SAF certification and Russian supply diversification illustrate IOC’s two-track approach: greening aviation while safeguarding fuel security.