IndianOil INDMAX refining technology licensed to European company NIS

INDMAX refining technology owned by Indian Oil Corporation Limited's (IOCL's) has been licensed to Naftna Industrija Srbije (NIS) of Serbia for production of higher value products.

The global licensing partner for IOCL's INDMAX technology is Lummus Technology Inc, USA.

According to a statement by Indian Oil, this is the first ever overseas agreement to licence IndianOil's INDMAX refinery process technology for high propylene production.

NIS and Lummus has signed an agreement for the same, an IOCL statement said.

NIS is among the largest vertically integrated oil & gas companies in Southeast Europe, with the Russian oil and gas conglomerate, Gazprom Neft (GPN), as its major shareholder.

The INDMAX technology was developed in-house by IndianOil's R&D Centre in order to enhance the refinery profit margins by achieving high yields of LPG, light olefins and high-octane gasoline from residual petroleum hydrocarbon streams and fractions.

The efficacy of the technology was first demonstrated by setting up a 1 lakh tonnes per annum unit at IndianOil's Guwahati Refinery in 2003. This was followed by the mega INDMAX unit at Paradip Refinery in 2015, which placed IndianOil in the league of world-class refinery process licensors.

A third INDMAX unit of 0.74 million tonnes per annum is under commissioning at IndianOil's Bongaigaon Refinery, the statement added.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.