Indian Oil Corporation (IOC) has finalised the levelized cost of hydrogen (LCoH) for establishing a 10,000 tonnes per annum green hydrogen generation unit at its Panipat refinery and petrochemical complex in Haryana

"This marks IOC's entry into the green hydrogen space with India's largest-ever green hydrogen project to date," the company said in a statement.

IOC, however, did not give costing and other financial details.

"Slated for commissioning by December 2027, the green hydrogen produced will replace fossil-derived hydrogen in refinery operations, resulting in substantial reduction in carbon emissions," it said.

Hydrogen is a fuel that finds vast applications across industries ranging from oil refineries to steel plants and can power cars, trucks, trains, ships, and even industrial processes.

It can be produced from a variety of sources. Green hydrogen is hydrogen gas produced by splitting water using renewable energy sources such as solar, wind, or hydropower. On burning, it produces only water.