Indian Oil Corp (IOC) will spend Rs 350 crore to set up a bioethanol facility at Panipat Refinery in alliance with LanzaTech of the US to convert waste gas from its Panipat refining unit to ethanol.
Indian OilBSE 0.18 % has signed a preliminary pact with LanzaTech to build the world’s first bioethanol facility, IOC said in a statement. The basic engineering for the 40 million litres per annum demonstration facility will begin later this year for installation at Panipat Refinery in Hayrana at an estimated cost of Rs 350 crore. It will be integrated into existing site infrastructure and will be LanzaTech’s first project capturing refinery off-gases, the company said. LanzaTech’s first commerc ..
LanzaTech owns patented technology that helps convert carbon rich wastes and residues produced by industries into valuable fuel and chemicals through a gas fermentation process.
“India is on track to exceed its Paris commitments,” Oil Minister Dharmendra Pradhan was quoted in the company’s statement. “This is thanks to investment in novel low-carbon technologies such as this project between Indian Oil and LanzaTech. It is promising to see carbon turned from a liability into an opportunity, where we can reduce emissions, maximise resources and decarbonise our economy,” he said.
Source Link – ET
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