Guwahati, May 13 : Numaligarh Refinery Ltd (NRL) is undertaking an ambitious Bio Refinery project, the first in the country. As one step towards that goal, NRL and Chempolis Oy, Finland signed a Term Sheet on Thursday in New Delhi.
The Term Sheet is the basis of the joint venture agreement between the two companies, to assure implementation of the project.
Signatories to the Term Sheet were Pasi Rousu, President Asia-Pacific and America of Chempolis Oy and NRL General Manager (Finance) SD Maheswari. Also present were P Padmanabhan, MD of NRL, SK Barua, Director (Finance) of NRL, A Manickam, former Ambassador of India to Finland and present Director of Chempolis India and other senior officials of NRL.
Almost two years ago, on October 15, 2014, NRL and Chempolis Oy signed the first partnership agreement for the Bio Refinery project. The agreement was signed in Finland, with India President Pranab Mukherjee and Finland President Sauli Niinisto both present for the occasion.
NRL reports that this is India’s first Bio-Refinery in Assam, which will be completed at an estimated cost of Rs 950 crore. The refinery would produce bio-ethanol with co-production of furfural and acetic acid from locally available non-food bio-mass feedstock. The project is possible due to the use of formicobio technology from Finland based technology provider Chempolis Oy.