Indian Oil Corporation's (IndianOil) state-of-the-art INDMAX refining technology, with Lummus Technology Inc, USA, as the global licencing partner, has been selected through a global tender by M/s. Naftna Industrija Srbije (NIS) of Serbia for production of higher value products.

The first ever overseas agreement to licence IndianOil's INDMAX refinery process technology for high propylene production was signed between NIS and Lummus Technology Inc, USA, in the presence of Mr. Sanjiv Singh, Chairman, IndianOil, and Dr. SSV Ramakumar, Director (R&D), at Belgrade, Serbia, this Tuesday. This breakthrough has opened up new vistas for expanding the global footprint of the Make in India product.

NIS is one of the largest vertically integrated oil & gas companies in Southeast Europe, with the Russian oil & gas conglomerate, Gazprom Neft (GPN), as its major shareholder.

The selection of INDMAX technology was preceded by a rigorous due-diligence process involving demonstration of the credentials of the novel FCC (fluidised catalytic cracking) technology that is successfully operating at the 4.17 million tonnes per annum INDMAX unit at IndianOil's Paradip Refinery since Dec. 2015.

IndianOil's R&D Centre developed INDMAX in-house to enhance refinery profit margins by achieving high yields of LPG, light olefins and high-octane gasoline from residual petroleum hydrocarbon streams and fractions. The efficacy of the technology was first demonstrated by setting up a 100,000 tonnes per annum unit at IndianOil's Guwahati Refinery in the year 2003. This was followed by the mega INDMAX unit at Paradip Refinery in 2015, which placed IndianOil in the league of world-class refinery process licensors. A third INDMAX unit of 0.74 million tonnes per annum is under commissioning at IndianOil's Bongaigaon Refinery.

About Indian Oil Corporation (IndianOil)

Indian Oil Corporation Ltd. (IndianOil) is India's largest commercial enterprise, ranked 119th among the world's largest corporates (and first among Indian enterprises) in the prestigious Fortune ‘Global 500’ listing for the year 2015. IndianOil has been meeting India’s energy demands for over half a century. Its business interests straddle the entire hydrocarbon value-chain – from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas, marketing of natural gas and petrochemicals, besides forays into alternative energy and globalisation of downstream operations. As part of its Exploration & Production portfolio, IndianOil has participating interest in eight domestic and seven overseas blocks. The seven overseas blocks are located in Libya, Gabon, Nigeria, Yemen, Venezuela, Canada and USA.