India: Green Industrial Solutions India's First Circular Economy MOU Signed
Maire Tecnimont Group’s Nextchem and Indian Oil have recently entered into a MOU under which the oil major will utilise Nextchem technologies for the development of industrial projects in order to boost the circular economy in India.
Mumbai/India – Maire Tecnimont has recently announced that Nextchem, the Group’s subsidiary dedicated to green chemistry and technologies for the energy transition, and Indian Oil Corporation (Indian Oil), have signed a Memorandum of Understanding for the development of industrial projects using Nextchem technologies to foster the industrialisation of the circular economy in India. The projects will be focused on plastics recycling, producing biofuels from renewable feedstock and circular fuels and chemicals from non-recyclable waste.
Indian Oil is India’s national integrated oil company with business interests across the entire energy value chain in oil, natural gas as well as non-conventional sources. Under the agreement, Indian Oil and Nextchem will jointly explore integrated opportunities for the valorisation of the waste by utilising Nextchem’s technologies for plastic waste upcycling and waste-to-chemicals solutions. Nextchem, relying on the historical and solid presence of the Maire Tecnimont Group in India (with over 2,000 engineers and approx. 3,000 E&I professionals in Mumbai), will guarantee the technological solutions and the best know-how for project development and execution.
This memorandum is one of the strategic collaboration initiatives between India and Italy aimed at further consolidating their commercial and industrial relations, which will be presented during the bilateral digital summit to be held this week between the two Prime Ministers.
Indian Oil is working to develop a sustainable business model of closed loop ecosystem of waste-plastics under its ‘Plastic Neutrality Initiative’ and is looking for partners who can contribute to addressing the end-life management of plastic waste in the country. Indian Oil furthermore intends to introduce recyclates as a new line of product portfolio in addition to the existing virgin polymers business. Nextchem is developing several technological solutions related to generating value from waste, providing its contribution by scouting, pivoting, industrialising and finally commercialising a portfolio of sustainable technologies.
Pierroberto Folgiero, Maire Tecnimont Group and Nextchem Chief Executive Officer, commented: "We are really proud to be the partner of choice in the first industrial initiative in India’s circular economy sector with such a historical and prestigious player as Indian Oil Corporation. The country needs to rapidly develop a sustainable system to recycle waste to enhance their value via chemical conversion, by introducing available technologies. We can support this transition with Nextchem’s expertise in developing and industrialising green chemistry and circular economy solutions combined with the Group’s outstanding track record in managing complex technological projects”.