IndianOil set to join high table of F1 fuel producers
Indian Oil Corporation (IOC) has now set sight on the Grand Prix and will in next three months start producing fuel used in adrenaline-pumping Formula One or F1, motor racing. The firm's refinery at Paradip in Odisha will in three months produce the petrol used in F1 car racing, its chairman Shrikant Madhav Vaidya said.
IOC, the country's largest oil firm controlling roughly 40 per cent of fuel market share, will be the first Indian company and only a handful globally that will produce fuel used in F1 racing.
Vaidya said the company expects to get its Formula 1 fuel certified in around three months, after which it will start competing with other global majors like Shell to supply it to the F1 teams.
F1 fuel is essentially high-octane petrol and the standards are heavily regulated by global motor sport governing body Federation Internationale de l'Automobile (FIA) on various counts, including permissible additives and blending agents.
IOC had in October last year helped India join a select league of nations when it began producing highly specialised 'reference' petrol and diesel that are used for testing automobiles.
There are only three suppliers of reference fuels globally including US giant Chevron. IOC's Paradip refinery in Odisha is producing 'reference' grade petrol and its Panipat unit in Haryana produces similar quality diesel.
Prior to this, Indian automobile manufacturers had to use imported reference fuel for testing cars and motorcycles. Now, IOC is supplying them the same grade fuel at much cheaper
