Indian Oil Corporation Limited (IndianOil) and Praj Industries Limited (Praj) to collaborate on biofuels production.
The MOU covers various biofuels including 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, “The collaboration with an Indian biofuel major – Praj, is a remarkable milestone in IndianOil’s green energy transition journey. It will strengthen our resolve to achieve our goal of net-zero operational emissions by 2046 and maintain our leadership in the green energy domain.”
IndianOil & Praj have been collaborating to facilitate India’s energy transition towards a greener future in the past as well. The nation’s first-of-its-kind advanced biofuels refinery at IndianOil’s Panipat complex is based on Praj’s proprietary 2G technology.
This year in May, IndianOil and Praj partnered with AirAsia India and flew India’s first-ever commercial passenger flight powered by a blend of ‘indigenous’ Sustainable Aviation Fuel.
Biofuels positively impact the socio-economic and environmental aspects thereby facilitating sustainable development.