In India, Indian Oil Company became the fifth oil major and first national oil company (NOC) to decisively enter the algal fuel race, signing a MOU to enter into an agreement with PetroAlgae to license micro-crop technology for the large-scale production of renewable fuels.
The announcement is also the first between an oil major and an algal fuel developer expressly aimed along a commercialization path. Previous tie-ups have featured early-stage investment and R&D partnership.
In a statement, Indian Oil Company said that the two companies will initially partner on adapting the algal strains and technology developed by PetroAlgae to suit Indian conditions. Thereafter, a pilot facility is proposed to demonstrate the commercial viability of the technology, with a 60 Mgy commercial production facility proposed for the the near future, along with a high-value protein that can be used as feedstock for animal feed production.
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