IOC and Praj Industries Forge Partnership to Boost Biofuels Production in India

7 Jul 2023 , 01:08 PM

Indian Oil Corporation (IOC) and Praj Industries have signed a term sheet to strengthen biofuels production capacities in India. The MoU includes various biofuels such as Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel, and Bio-bitumen, among others.

In October 2021, IOC and Praj Industries entered into a 50:50 Joint Venture (JV) agreement to advance their biofuels initiatives. The collaboration aims to support IOC’s green energy transition journey and achieve their goal of net-zero operational emissions by 2046.

India’s agricultural-based economy offers sufficient feedstock availability, making indigenous biofuels crucial for the country’s decarbonization efforts. Biofuels reduce dependence on crude imports, boost the rural economy, and provide sustainable and cleaner mobility options.

Praj Industries’ proprietary 2G technology is being used in India’s first advanced biofuel refinery at IOC’s Panipat complex. Biofuels positively impact socio-economic and environmental aspects, contributing to sustainable development.

The partnership between IOC and Praj Industries plays a significant role in enhancing biofuel production in India and supporting the country’s commitment to a greener future.

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