February 11 (Renewables Now) - Indian state-owned oil refiner Numaligarh Refinery Ltd (NRL) and local units of Finland’s Fortum Oyj (HEL:FORTUM) and Chempolis have broken ground on a EUR-160-million (USD 181m) bio-refinery project in Assam, India.
Under the terms of the previously signed joint venture agreement, the Finnish parties will invest in a 50% equity stake, while NRL will hold the remaining 50%. Fortum has committed to invest EUR 13.5 million in the project, it said in a statement.
Fortum and Chempolis will build a facility that utilises the latter’s formico-technology and runs on bamboo, producing bio-ethanol, biochemicals and biocoal. NRL will buy the produced bio-ethanol to blend it to petrol.
Construction work is seen to be finalised by June 2021.
(EUR 1.0 = USD 1.131)