 "Indian Oil Corporation, IOC")
Indian Oil Corporation Limited (IOCL) and Praj Industries Limited (Praj) signed a term sheet to boost biofuels production capacities in India, according to a BSE filing by Indian Oil.
According to the release, various biofuels covered under this memorandum of understanding (MoU) include sustainable aviation fuel (SAF), ethanol, compressed biogas (CBG), biodiesel, and bio-bitumen among others.
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In October 2021, both companies had entered into an agreement to form a 50-50 joint venture to this end.
Shrikant Madhav Vaidya, Chairman, Indian Oil, said that this collaboration is a remarkable milestone in Indian Oil’s green energy transition journey and it will help achieve the goal of net-zero operational emissions by 2046 and maintain the leadership in the green energy domain.
Vaidya added that India is an agrarian economy and it offers the advantage of sufficient availability of feedstock.
The indigenous biofuels will be a game changer in helping India chart its decarbonisation journey, he said.
Pramod Chaudhari, Founder Chairman, Praj Industries, said that biofuels positively impact the socio-economic and environmental aspects, thereby facilitating sustainable development.
He added that India should build sustainable aviation fuel production capacity in pursuit of clean skies.
The press release stated that in pursuit of energy self-reliance by leveraging captive resources, India plans to reconfigure the transportation fuel mix with biofuels.
Indian Oil & Praj have collaborated in the past to facilitate India’s energy transition towards a greener future.
India's first-of-its-kind advanced biofuel refinery at Indian Oil’s Panipat complex is based on Praj’s proprietary 2G technology.
In May this year, both companies partnered with AirAsia India and flew India’s first-ever commercial passenger flight powered by a blend of ‘indigenous’ SAF.
