Indian Oil Corp's chairman told that the company will sign a memorandum of understanding with sustainable fuel technology provider LanzaJet to produce sustainable aviation fuel at its Panipat refinery in northern India.

The company has a partnership with LanzaTech to convert waste gas to ethanol, and LanzaJet, based in the United States, will assist in the conversion of ethanol to jet fuel.

Chairman S. M. Vaidya stated on the sidelines of India Energy Week in Bengaluru that by 2030, 2% of aviation fuel will be sustainable.

Indian Oil Corporation Limited is an Indian central public sector undertaking owned by the Government of India's Ministry of Petroleum and Natural Gas. Its headquarters are in New Delhi. It is a government-owned enterprise whose operations are supervised by the Ministry of Petroleum and Natural Gas.

As of 2022, Indian Oil is ranked 142nd on the Fortune Global 500 list of the world's largest corporations. It is the country's largest government-owned oil producer, with a net profit of $6.1 billion for fiscal year 2020-21. As of March 31, 2021, Indian Oil had 31,648 employees, of which 17,762 are executives and 13,876 are non-executives, with 2,776 women accounting for 8.77% of the total workforce.