Indian Oil Corporation (IOC) is gearing up to venture into the adrenaline-pumping world of Formula One (F1) racing, aiming to produce the high-octane petrol utilized in these high-speed competitions within the next three months.
IOC's Chairman, Shrikant Madhav Vaidya, disclosed that the firm's Paradip refinery in Odisha will spearhead the production of fuel tailored for F1 cars, marking a significant milestone as the first Indian company and one of the few globally to undertake such a venture.
The company anticipates obtaining certification for its Formula 1 fuel within the specified timeframe, after which it plans to vie with established global majors like Shell for supplying fuel to F1 teams.
F1 fuel, characterized by its high octane content, is subject to rigorous regulations set forth by the global motor sport governing body, Federation Internationale de l’Automobile (FIA), governing permissible additives and blending agents.
Last October, IOC made strides by facilitating India's entry into an exclusive league of nations through the production of highly specialized 'reference' petrol and diesel, essential for automotive testing. This move eliminated the need for Indian automobile manufacturers to rely on imported reference fuel, offering a cost-effective alternative.
In the realm of consumer fuel offerings, IOC has carved out a niche with three premium fuel variants: 95-Octane XP95 petrol, 100-Octane XP100 petrol tailored for high-end luxury vehicles, and XtraGreen diesel, lauded for its superior fuel economy and reduced emissions.
Additionally, IOC has set its sights on the racing fuels segment, introducing 'Storm' petrol for motorcycle racing. The company secured a three-year partnership as the official fuel provider for the Federation Internationale De Motocyclisme (FIM) Asia Road Racing Championship, spanning from 2024 to 2026.
IOC's foray into the racing fuels domain signifies a strategic expansion, with plans to manufacture F1-grade fuel in the pipeline. The company aims to cater to the evolving landscape of F1 regulations, which mandate an increase in renewable ethanol content and a transition towards sustainable fuel sources.
With its commitment to innovation and high-performance fuels, IOC is poised to make a significant impact not only in the realm of motorsports but also in advancing sustainable and efficient fuel solutions for consumers worldwide.
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