NextChem and IndianOil Sign Circular Economy Pact
The MoU is one of several strategic collaboration initiatives signed on Nov. 6 during a bilateral digital summit between the prime ministers of Italy and India, aimed at further consolidating commercial and industrial relations between the two nations.
The projects will be focused on plastics recycling, producing biofuels from renewable feedstock and circular fuels and chemicals from non-recyclable waste.
Pierroberto Folgiero, Maire Tecnimont and NextChem CEO, said the company was “really proud to be partner of choice in the first industrial initiative in India’s circular economy sector.”
Under the agreement, NextChem and IndianOil will jointly explore integrated opportunities for the valorization of waste by utilizing Nextchem’s plastic waste upcycling and waste-to-chemicals technologies. NextChem, which has more than 2,000 engineers and approximately 3,000 electrical and instrumentation professionals in Mumbai, said it will guarantee the technological solutions and the best know-how for project development and execution.
IndianOil said it is working to develop a sustainable business model of closed loop ecosystem 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 the country. Furthermore, the company intends to introduce recyclates as a new product line in addition to its existing virgin polymers business.
Separately, NextChem has launched MyRechemical, a new subsidiary dedicated to the chemical valorization of non-recyclable plastics and waste-to-chemical processes, enabling to offer a complete and integrated platform on an industrial scale for the recovery of all types of plastic waste.
Author: Elaine Burridge, Freelance Journalist