INDIAN OIL SIGNS MOU WITH LANZAJET ON SUSTAINABLE AVIATION FUEL (SAF)

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Feb 08, 2023, 08:26 ET

BENGALURU, India, Feb. 8, 2023 /PRNewswire/ -- Indian Oil Corporation Ltd. (IndianOil), India's leading Energy major today entered into a memorandum of understanding (MOU) with LanzaJet, a leading sustainable fuels technology company and sustainable fuels producer to explore the development of sustainable aviation fuel (SAF) production in India. This partnership will strengthen India's transition to cleaner fuels and help achieve the country's carbon reduction goal. The agreement was signed by Mr. Santanu Gupta, Executive Director (Alternate Energy & Sustainable Development) and Mr. Jimmy Samartzis, CEO LanzaJet during India Energy Week in Bengaluru, India in presence of Shri Hardeep Singh Puri, Honorable Minister P&NG and H&UA, Shri Shrikant Madhav Vaidya, Chairman, IndianOil and senior officials from IndianOil and LanzaJet.

The agreement was signed by Mr. Santanu Gupta, Executive Director (Alternate Energy & Sustainable Development) and Mr. Jimmy Samartzis, CEO LanzaJet during India Energy Week in Bengaluru, India in presence of Shri Hardeep Singh Puri, Honorable Minister P&NG and H&UA, Shri Shrikant Madhav Vaidya, Chairman, IndianOil and senior officials from IndianOil and LanzaJet.

During the MoU signing ceremony, Chairman, IndianOil said, "IndianOil is the leader in India's aviation fuel segment and as we move forward on the path to achieve net-zero operational emissions by 2046, we aim to enhance our basket of lower carbon fuels and this partnership will be another step in this direction which would accelerate India's commitment to become Net Zero by 2070. Creating an ecosystem of SAF in India will help accelerate the energy transition and this would ensure our leadership position in the sustainable fuel segment as well."

IndianOil is India's flagship national oil company working in across the hydrocarbon value chain, i.e., refining, pipeline transportation, production of crude oil and gas, gas marketing, and alternative energy sources. As a rapidly developing country, India's energy transition will play a pivotal role in global energy markets. IndianOil is adopting mitigation efforts such as sustainable fuel alternatives to further advance the country's ambitious clean energy goals.

LanzaJet is a leading sustainable fuels technology company dedicated to accelerating the energy transition by embracing the circular economy.

"As one of the largest population centers in the world experiencing rapid growth of energy consumption and travel, India is a critically important market as our world grapples with energy security, climate change, and economic growth challenges," said Jimmy Samartzis, LanzaJet CEO. "Our partnership with Indian Oil Corporation is key to decarbonizing the aviation industry by enabling this region of the world to have increased access to sustainable fuel alternatives through our alcohol-to-jet technology using Indian waste and ethanol sources."

The MOU between LanzaJet and IndianOil establishes a partnership to pursue large capacity SAF production in India using LanzaJet's leading and proven Alcohol-to-Jet (ATJ) technology. The partnership will allow increased access and adoption of sustainable fuels in India by activating new technology to expand emission mitigation efforts. LanzaJet and IndianOil are working towards strategically expanding the partnership with a Joint Venture (JV) in India to deploy the LanzaJet ATJ technology.

SOURCE LanzaJet