/ IOC Partners With US Firm To Set Up Bioethanol Facility ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Tuesday, 11 July 2017

State-owned Indian Oil Corporation (IOC) has inked a Rs 350 crore pact with the US-based LanzaTech to construct a bioethanol facility at Panipat Refinery.

“Indian Oil Corporation has signed a preliminary pact with LanzaTech to build the world’s first bioethanol facility,” IOC said in a statement.

LanzaTech owns patented technology, which converts carbon-rich wastes and residues produced by industries such as steel manufacturing, oil refining and chemical production, as well as gases generated by gasification of forestry and agricultural residues, municipal waste into valuable fuel and chemical products through a process of gas fermentation.

The stock of IOC was trading at Rs 383.30, up by Rs 0.70 or 0.18 as at 1211 hours on Tuesday, on the BSE.

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