NextChem and Indian Oil Corporation Ltd have signed a Memorandum of Understanding (MoU) for the development of industrial projects using NextChem technologies to industrialize 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.
Under the agreement, Indian Oil and NextChem will jointly explore opportunities for waste valorisation by utilizing NextChem’s technologies for plastic waste Upcycling and Waste-to-Chemicals solutions. NextChem, relying on the historical presence of the Maire Tecnimont Group in India (over 2,200 engineers and about 3,000 E&I professionals in Mumbai), will guarantee technological solutions and best know-how for project development and execution.
Indian Oil is working to develop a sustainable business model of closed loop ecosystem of waste-plastics under its “Plastic Neutrality Initiative” and it is looking for partners who can contribute to addressing the end-life management of plastic wastes in India. Indian Oil intends to introduce recyclates as a new line of product portfolio in addition to the existing virgin polymers business. NextChem is developing technological solutions to generate value from waste, providing its contribution by scouting, pivoting, industrializing and commercializing a portfolio of sustainable technologies.
Pierroberto Folgiero, Maire Tecnimont Group and NextChem CEO, said, “We are really proud to be partner of choice in the first industrial initiative in India’s circular economy with such a 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 our expertise in circular economy and our capability in managing complex technological projects.”
