News Release Details

IndianOil signs MoU with PA LLC of Florida
New Delhi   16-Oct-2009
IndianOil signed a Memorandum of Understanding (MoU) with PA LLC of Florida to collaborate on biodiesel production from micro-algae on October 16, 2009. <div align=center><img src=http://www.indianoilexpress.com/NewImages/Thumbnail/MOUStatP.jpg ></div> The MoU was signed by Mr. B. M. Bansal, Director (P&BD) and Mr. Ottmar Dippold, CEO, PetroAlgae LLC. Fred Tennant, Executive Vice President, and Adam Wolfe, Financial Analyst, Mr. Anand Kumar, Director (R&D), were also present. Together with PA LLC, IndianOil, will pioneer the commercial bio-diesel production from algae. IndianOil and PA LLC, initially will collaborate on adapting the algal strains and technology developed by PA LLC to suit Indian conditions. Thereafter, a pilot facility is proposed to demonstrate the commercial viability of the technology. A commercial production facility with a capacity of 200,000 TPA of bio-diesel is proposed in the near future, along with a high-value protein that can be used as feedstock for animal feed production as a by-product. IndianOil has been exploring commercial ventures in all form of alternate energy including, solar, wind and bio-fuels. Significant progress has been made by the Corporation in energy crop plantation. Over 850 ha of jatropha plantation has already been completed in Madhya Pradesh and Chhattisgarh. During the next season, almost 40,000 ha of plantation is proposed to be completed along with commercial marketing of bio-diesel through IndianOil-CREDA Biofuels Limited.