Indian Oil signs India’s first circular economy MoU

Indian Oil Corporation and Maire Tecnimont’s NextChem subsidiary have signed a memorandum of understanding (MoU) for the development of industrial projects using NextChem technologies to foster the industrialisation of the circular economy in India. The projects will focus on plastics recycling, producing biofuels from renewable feedstock and circular fuels and chemicals from non-recyclable waste.

Indian Oil is developing a sustainable business model for a closed loop ecosystem of waste-plastics under its ‘Plastic Neutrality Initiative’. It is also planning to introduce recyclates as a new line in its product portfolio in addition to the existing virgin polymers business.