IndianOil, Praj form JV for biofuels production
07 Jul 2023
2 Min Read
CW Team
In a significant development, Indian Oil Corporation Limited (IndianOil) and Praj Industries (Praj) 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 biogas (CBG), biodiesel and bio-bitumen among others. Earlier in October 2021, both the companies had entered into an agreement to form a 50:50 JV to this end.
Talking about the development, Shrikant Madhav Vaidya, Chairman, IndianOil, said, "The collaboration with an Indian biofuel major 鈥� Praj, is a remarkable milestone in IndianOil鈥檚 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.鈥�
Vaidya also added 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 charts its decarbonisation journey. Biofuels offer a win-win situation by reducing dependence on crude imports, boosting the rural economy, and offering sustainable, cleaner mobility options.
Dr Pramod Chaudhari, Founder Chairman, Praj Industries said, 鈥淚ndianOil and Praj have been collaborating to facilitate India鈥檚 energy transition towards a greener future in the past as well. The nation鈥檚 first-of-its-kind advanced biofuels refinery at IndianOil鈥檚 Panipat complex is based on Praj鈥檚 proprietary 2G technology. This year in May, IndianOil and Praj partnered with AirAsia India and flew India鈥檚 first-ever commercial passenger flight powered by a blend of 鈥榠ndigenous鈥� Sustainable Aviation Fuel. We are proud of our partnership with IndianOil, which is further reinforced with this important milestone.鈥�
He also added that Biofuels positively impact the socio-economic and environmental aspects thereby facilitating sustainable development. Readying India to build sustainable aviation fuels production capacity in pursuit of clean skies is our priority, to strengthen Atmanirbhar Bharat.
In pursuit of energy self-reliance by leveraging captive resources, the country has aggressive plans to reconfigure the transportation fuel mix with biofuels. Biofuels are an integral part of India's flourishing Bioeconomy that plays a significant role as a sustainable climate action tool.
In a significant development, Indian Oil Corporation Limited (IndianOil) and Praj Industries (Praj) 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 biogas (CBG), biodiesel and bio-bitumen among others. Earlier in October 2021, both the companies had entered into an agreement to form a 50:50 JV to this end.Talking about the development, Shrikant Madhav Vaidya, Chairman, IndianOil, said, The collaboration with an Indian biofuel major 鈥� Praj, is a remarkable milestone in IndianOil鈥檚 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.鈥漋aidya also added 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 charts its decarbonisation journey. Biofuels offer a win-win situation by reducing dependence on crude imports, boosting the rural economy, and offering sustainable, cleaner mobility options.Dr Pramod Chaudhari, Founder Chairman, Praj Industries said, 鈥淚ndianOil and Praj have been collaborating to facilitate India鈥檚 energy transition towards a greener future in the past as well. The nation鈥檚 first-of-its-kind advanced biofuels refinery at IndianOil鈥檚 Panipat complex is based on Praj鈥檚 proprietary 2G technology. This year in May, IndianOil and Praj partnered with AirAsia India and flew India鈥檚 first-ever commercial passenger flight powered by a blend of 鈥榠ndigenous鈥� Sustainable Aviation Fuel. We are proud of our partnership with IndianOil, which is further reinforced with this important milestone.鈥滺e also added that Biofuels positively impact the socio-economic and environmental aspects thereby facilitating sustainable development. Readying India to build sustainable aviation fuels production capacity in pursuit of clean skies is our priority, to strengthen Atmanirbhar Bharat.In pursuit of energy self-reliance by leveraging captive resources, the country has aggressive plans to reconfigure the transportation fuel mix with biofuels. Biofuels are an integral part of India's flourishing Bioeconomy that plays a significant role as a sustainable climate action tool.
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