NRL and Chempolis Oy, Finland sign term sheet
New Delhi, May 16: In yet another positive development towards implementation of NRL’s ambitious Bio Refinery Project, the first in the country, a Bio Refinery Term sheet was signed between NRL & Chempolis Oy, Finland recently at New Delhi. The Term Sheet shall be the basis for formation of Joint Venture Agreement for implementation of the Project.
The Term sheet was signed by Pasi Rousu, President Asia Pasic & America, Chempolis Oy , Finland and S D Maheshwari GM (Fince) NRL in presence of P.Padmabhan MD NRL and other senior NRL officials.
A partnership agreement for the Bio Refinery Project was signed between NRL and Chempolis, Oy on October 15, 2014 in the presence of President of India Prab Mukherjee and President of Finland Sauli Niinistö at Finland.
NRL is implementing India’s first Bio-Refinery in Assam at an estimated cost of Rs. 950 crores which would produce bio-ethanol with co-production of furfural and acetic acid from locally available non-food bio-mass feedstock with formicobio™ technology from Finland based technology provider M/s Chempolis Oy. Bamboo is one of the major non-food biomass resources available abundantly in North East India and is amongst the fastest growing plants. 49,000 tonnes of bio ethanol produced annually would primarily be used to blend NRL petrol as mandated by the tiol Policy on Biofuel, with the surplus to be sold to other oil marketing companies.
The Bio Refinery is expected to give a fillip to bamboo cultivation in the region and bring about a socio economic transformation. NRL has already inked MoUs with galand Bamboo Development Agency ( NBDA) and Aruchal Pradesh Bamboo Resources Development Agency (APBRDA) last year for sourcing of bamboo for the Bio Refinery. This was stated in a press release.