Business

IOC establishes UAV fuel plant with export market of $2.7 billion

NEW DELHI: State Governance IndianOil plans to establish a new factory with a mining target of around $2.7 billion globally AV . gas (aviation gasoline) market as the company on Monday became the first domestic producer of specialized fuel for unmanned aerial vehicles (UAVs) and piston-powered aircraft used by schools and flying club.
Company President SM Vaidya said that the global market for AV Gas is expected to grow from $1.9 billion currently to $2.7 billion by 2029.
“We plan to establish a new facility soon to target export opportunities, in addition to serving domestic demand,” he said after the oil minister Hardeep Puri launched the fuel AVGAS 100LL produced by IndianOil.
“We are going through a dramatic, almost revolutionary transformation. We are reducing our dependence on imported fuels by promoting biofuel blending, green hydrogen and the introduction of electric vehicles,” said Puri at the launch ceremony at Hindon IAF base near the national capital.
Gas AV is currently imported CBU. Domestic fuel production will reduce imports, resulting in foreign exchange savings.
It will also reduce the operating costs of UAVs in the context of their increased deployment and also benefit flight schools.

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