Re Sustainability and IOCL Launch India's First Used Oil Circular Economy Initiative
Re Sustainability has partnered with Indian Oil Corporation Limited (IOCL) to create India's first structured initiative for recycling used lubricating oil. This collaboration aims to minimize reliance on virgin crude oil, enhancing India's green economy and promoting circular resource flows. A Special Purpose Vehicle (SPV) will be established to manage the collection and re-refining of used oils, targeting an annual collection of 100 kilotonnes. The initiative also plans to recover and recycle plastic lubricant containers, contributing to responsible lifecycle management.
Theia Market Signal Identification - AI Assisted
Re Sustainability has signed a MoU with Indian Oil Corporation Limited (IOCL) to establish India's first national initiative for recycling used lubricating oil. The partnership aims to create a circular economy for lubricant oil management, reducing reliance on virgin crude and promoting environmental sustainability.
A Special Purpose Vehicle (SPV) will be formed to implement a nationwide collection system, targeting an annual collection of 100 kilotonnes of used oil. The initiative includes building a re-refining facility with a capacity of 50-100 kilotonnes, expected to be operational within three years.
Additionally, it will address the recycling of plastic lubricant containers to meet Extended Producer Responsibility (EPR) requirements. Currently, India generates 1.3 million tonnes of used oil annually, with only 0.2 million tonnes formally recycled.
Comments