Thursday, Apr 25 2024 | Time 03:33 Hrs(IST)
image
Business EconomyPosted at: Nov 3 2020 8:27PM


Maire Tecnimont Groups NextChem And Indian Oil Corporation Sign Indias First Circular Economy MoU

MILAN, Nov. 3, 2020 /PRNewswire/ -- Maire Tecnimont S.p.A. announces that NextChem, the Group's subsidiary dedicated to green chemistry and technologies for the energy transition, and Indian Oil Corporation Ltd. (IndianOil), today have signed a Memorandum of Understanding 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.
Maire Tecnimont Logo (PRNewsfoto/Maire Tecnimont S.p.A.)
IndianOil is India's national integrated oil company engaged in the entire energy value chain (Oil, Natural Gas as well as non-conventional sources). Under the agreement, IndianOil and NextChem will jointly explore opportunities for waste valorization 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[1] professionals in Mumbai), will guarantee technological solutions and best know-how for project development and execution.
IndianOil 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. IndianOil 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."
Maire Tecnimont S.p.A., listed on the Milan Stock Exchange, heads an industrial group which leads the global natural resource processing industry (downstream plant engineering, with technological and executive expertise). NextChem operates in the field of technologies to support the energy transition. The Maire Tecnimont Group operates in 45 countries through 50 companies and counts about 9,100 people. www.mairetecnimont.com.
1. Electrical and Instrumentation
Logo - https://mma.prnewswire.com/media/1326247/Maire_Tecnimont_Logo.jpg

(Disclaimer--Features may vary depending on the regions; subject to change without notice.)
Please log in to get detailed story.
Tags: #Maire Tecnimont Groups NextChem And Indian Oil Corporation Sign Indias First Circular Economy MoU
More News

NSE launches derivatives on Nifty Next 50 Index

24 Apr 2024 | 9:16 PM

Mumbai, Apr 24 (UNI) National Stock Exchange of India Ltd (NSE), the world’s largest derivatives exchange for consecutive fifth year in a row in the year 2023 based on contracts traded as published by FIA, launched futures and options contracts on the Nifty Next 50 Index on Wednesday.

see more..

KABIL signs MoU with CSIR-NGRI for geophysical investigations

24 Apr 2024 | 7:47 PM

Bhubaneswar, April 24 (UNI) Khanij Bidesh India Limited (KABIL) has signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research - National Geophysical Research Institute (CSIR-NGRI) to foster a long-term collaboration in the field of geophysical investigations to bolster its ongoing projects and activities in critical and strategic minerals.

see more..

Dish TV revolutionises entertainment with ‘Dish TV Smart+’ services

24 Apr 2024 | 7:31 PM

Kolkata, Apr 24 (UNI) Dish TV has taken a path-breaking initiative to redefine the entertainment experience in India.

see more..

TRAI recommends sharing of active, passive infra by telecom providers

24 Apr 2024 | 7:03 PM

New Delhi, April 24 (UNI) With a view to improve quality of services and reducing cost, the telecom regulator TRAI on Wednesday recommended sharing of active and passive infrastructure among telecom service providers, a move that would help setting up network quickly across the nation.

see more..

REC to provide loan of Rs 1869 cr to Chenab Valley Power Project in J&K

24 Apr 2024 | 6:38 PM

New Delhi, April 24 (UNI) State-owned non-banking finance company REC Limited has signed an agreement with Chenab Valley Power Project Private Limited (CVPPPL), under which it will provide financial assistance of Rs 1,869.265 crore as a term loan.

see more..
image