The US Trade and Development Agency has awarded a grant to state-owned Indian Oil Corp (IOC) to support their refinery modernisation efforts.
“The programme will help IOC analyse options for optimising its refining operations to produce cleaner fuels from its by-product streams, which will help the company improve efficiencies and reduce emissions at its refineries to meet Indian environmental standards,” USTDA said in a statement.
It however did not give details of the financial commitment.
The agreement was signed by IOC Director (Refineries) Sanjiv Singh and John McCaslin, Minister Counselor for Commercial Affairs at the US Embassy here.
“USTDA is excited to join efforts with IOC, an important partner, as they seek to improve operational efficiency and expand the production of cleaner fuels,” said Henry Steingass, Regional Director for South and Southeast Asia at USTDA. “We believe this is a great opportunity for US Industry to continue to build on their relationship with IOC.”
The feasibility study will include a market, technical, economic and financial analysis of advanced technologies in order to help IOC identify solutions for converting pet coke refinery by-products into cleaner chemical products and fuels.
This project follows IOC’s participation in a USTDA reverse trade mission that brought Indian energy officials to the United States for meetings and site visits with US companies focused on refinery modernisation solutions.
IOC is India’s biggest oil refiner.