PR86422

MILAN, November 3, 2020, /PRNewswire=KYODO JBN/--

Maire Tecnimont S.p.A. announces that NextChem, the Group's subsidiary

dedicated to green chemistry and technologies for the energy transition, and

Indian Oil Corporation Ltd. (IndianOil), today have signed a Memorandum of

Understanding for the development of industrial projects using NextChem

technologies to industrialize circular economy in India. The projects will be

focused on plastics recycling, producing biofuels from renewable feedstock and

circular fuels and chemicals from non-recyclable waste.

IndianOil is India's national integrated oil company engaged in the entire

energy value chain (Oil, Natural Gas as well as non-conventional sources).

Under the agreement, IndianOil and NextChem will jointly explore opportunities

for waste valorization by utilizing NextChem's technologies for plastic waste

Upcycling and Waste-to-Chemicals solutions. NextChem, relying on the historical

presence of the Maire Tecnimont Group in India (over 2,200 engineers and about

3,000 E&I[1] professionals in Mumbai), will guarantee technological solutions

and best know-how for project development and execution.

IndianOil is working to develop a sustainable business model of closed loop

ecosystem of waste-plastics under its "Plastic Neutrality Initiative" and it is

looking for partners who can contribute to addressing the end-life management

of plastic wastes in India. IndianOil intends to introduce recyclates as a new

line of product portfolio in addition to the existing virgin polymers business.

NextChem is developing technological solutions to generate value from waste,

providing its contribution by scouting, pivoting, industrializing and

commercializing a portfolio of sustainable technologies.

Pierroberto Folgiero, Maire Tecnimont Group and NextChem CEO, said: "We are

really proud to be partner of choice in the first industrial initiative in

India's circular economy with such a prestigious player as Indian Oil

Corporation. The Country needs to rapidly develop a sustainable system to

recycle waste to enhance their value via chemical conversion, by introducing

available technologies. We can support this transition with our expertise in

circular economy and our capability in managing complex technological projects."

Maire Tecnimont S.p.A., listed on the Milan Stock Exchange, heads an industrial

group which leads the global natural resource processing industry (downstream

plant engineering, with technological and executive expertise). NextChem

operates in the field of technologies to support the energy transition. The

Maire Tecnimont Group operates in 45 countries through 50 companies and counts

about 9,100 people.

www.mairetecnimont.com.

1. Electrical and Instrumentation

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SOURCE: Maire Tecnimont S.p.A.