NextChem, IOCL Ink India’s 1st Circular Economy MoU

Italian Maire Tecnimont Group’s subsidiary NextChem, dedicated to green chemistry and technologies for the energy transition, have entered into a Memorandum of Understanding (MoU) with Indian Oil Corporation Ltd (IOCL) for the development of industrial projects using NextChem technologies to foster industrialization of circular economy in India.

November 04, 2020. By Manu Tayal

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Italian Maire Tecnimont Group’s subsidiary NextChem, dedicated to green chemistry and technologies for the energy transition, have entered into a Memorandum of Understanding (MoU) with Indian Oil Corporation Ltd (IOCL) for the development of industrial projects using NextChem technologies to foster industrialization of circular economy in India.

IOCL is the country’s national integrated oil company with business interests across the entire energy value chain in oil, natural gas as well as non-conventional sources.

As per the agreement signed, the said projects will be focused on plastics recycling, producing biofuels from renewable feedstock and circular fuels and chemicals from non-recyclable waste.

Moreover, the two organisations will jointly explore integrated opportunities for the valorization of waste by utilizing Nextchem’s technologies for plastic waste Upcycling and Waste-to-Chemicals solutions.

NextChem said that in India it is already having more than 2,000 engineers and approx. 3,000 E&I professionals in Mumbai, which will guarantee the technological solutions and the best know-how for project development and execution.

Commenting on the partnership, Pierroberto Folgiero, Maire Tecnimont Group and NextChem Chief Executive Officer, said “we are really proud to be partner of choice in the first industrial initiative in India’s circular economy sector with such an 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.”

Folgiero further added that “we can support this transition with Nextchem’s expertise in developing and industrializing green chemistry and circular economy solutions combined with the Group’s outstanding track record in managing complex technological projects.”

Further, 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.

Nowadays, IOCL has been working on developing 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.

The company, furthermore, intends to introduce recyclates as a new line of product portfolio in addition to the existing virgin polymers business.

Meanwhile, NextChem has been developing several technological solutions related to generating value from waste, providing its contribution by scouting, pivoting, industrializing and finally commercializing a portfolio of sustainable technologies. 

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