Indian Oil Corporation and Praj Industries signed a term sheet to advance plans to strengthen biofuels production capacities in India. Various biofuels covered under this MoU include Sustainable Aviation Fuel (SAF), ethanol, compressed bio-gas (CBG), biodiesel and bio-bitumen among others. Earlier in October 2021, both the companies had entered into an agreement to form a 50:50 Joint Venture to this end.
Shrikant Madhav Vaidya, Chairman, IndianOil, said that India being an agrarian economy, offers the advantage of sufficient availability of feedstock. The indigenous biofuels will be a game changer in helping India chart its decarbonization journey.
In pursuit of energy self-reliance by leveraging captive resources, the country has aggressive plans to reconfigure the transportation fuel mix with biofuels.
IndianOil & Praj have been collaborating to facilitate India’s energy transition in the past as well. The nation’s first advanced biofuels refinery at IndianOil’s Panipat complex is based on Praj’s proprietary 2 G technology. This year in May, IndianOil and Praj partnered with AirAsia India and flew India’s first commercial passenger flight powered by a blend of indigenous Sustainable Aviation Fuel.
A diversified, integrated energy major, IndianOil has a presence in almost all the streams of oil, gas, petrochemicals, and alternative energy sources. Praj is India’s most accomplished industrial biotech company, known for its innovation, integration and delivery capabilities.