Indian Oil ballots shareholders on biofuel project

24 July 2007 15:51  [Source: ICIS news]

NEW DELHI (ICIS news)--Indian Oil Corporation (IOC) said on Tuesday it is seeking shareholder approval to have a fully fledged presence in the biofuels sector both at home and abroad.

 

“Indian Oil proposes to enter the business of biofuels … ranging from cultivation/plantation, extraction, processing, blending and marketing,” the company said.

 

The company requested shareholders to vote on its resolution to incorporate the entire gamut of biofuel operations into its business charter in accordance with the Companies Act. IOC expected to release the results of the ballot in mid-August.

 

A few months ago the company formed a dedicated group of experts to promote the use of biofuels and has been operating a pilot-scale biodiesel plant at its research and development centre in Faridabad for the last few years.  

 

IOC is also contemplating feasibility studies in all segments of the bio-crop plantation and biodiesel production market, for instance pursuing biodiesel production from tree-borne oil plants, the maintenance of plantations, seed collection and extraction of oil.

 

The company is aiming to identify 30,000 hectares of wasteland in three states on which plantations of bio-crops would be raised by farmers and other stakeholders.

 

IOC currently markets 5% ethanol-blended petrol. The Indian government has tentatively decided to double the ethanol content in blended petrol to 10% from mid-2007 onwards. The company neither produces ethanol nor biodiesel.

By: Naresh Minocha
+65 6780 4359

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