Italy’s process engineering firm Maire Tecnimont SpA has announced that its green chemistry arm NextChem and Indian Oil Corporation (IndianOil) have today signed a Memorandum Of Understanding for the development of industrial projects that use NextChem technologies to industrialize the circular economy in India . The projects will focus on recycling plastics, producing biofuels from renewable raw materials and circular fuels and chemicals from non-recyclable waste.
IndianOil is the integrated Indian national oil company involved in the entire energy value chain (oil, natural gas as well as unconventional sources).
As per the agreement, IndianOil and NextChem will jointly explore opportunities for the recovery of waste using NextChem technologies for upcycling and waste-to-chemicals of plastic waste.
NextChem, based on the historical presence of the Maire Tecnimont Group in India (more than 2,200 engineers and some 3,000 Electricity and Instrumentation professionals in Mumbai ), will guarantee technological solutions and the best know-how for the development and execution of projects.
IndianOil is working to develop a sustainable closed cycle ecosystem business model 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 India. IndianOil wants to introduce recyclates as a new product portfolio line in addition to the existing virgin polymers business.
NextChem is developing technological solutions to generate value from waste, offering its contribution through the exploration, coordination, industrialization and commercialization of a portfolio of sustainable technologies.
Pierroberto Folgiero, CEO of Maire Tecnimont Group and NextChem , said: “We are really proud to be the chosen partner of the first industrial initiative in the circular economy of India with such a prestigious agent as Indian Oil Corporation. The country needs to develop rapidly. a sustainable system to recycle waste that increases its value through chemical conversion by introducing available technologies. We can support this transition with our expertise in circular economy and our ability to manage complex technology projects. ”
Maire Tecnimont SpA , listed on the Milan Stock Exchange, heads an industrial group that leads the natural resource processing industry (downstream and plant engineering – with technological and executive experience). NextChem operates in the field of technologies to support the energy transition. Maire Tecnimont Groupo operates in 45 countries through 50 controlled companies and has 9,100 employees.
