India consumes 1.5m metric ton of used oil a year
Germany’s Avista Oil AG, has entered the Indian market through a strategic partnership with Ghaziabad-based IFP Petro Products to revolutionize the used oil re-refining industry in India by introducing innovative technologies and sustainable work practices.
IFP Petro and Avista Oil share a common vision of creating a circular economy for used oil, where waste is minimized, valuable resources are recovered and reused with maximum carbon offset.
Through this partnership, IFP Petro will leverage Avista Oil’s expertise, state-of-the-art technologies and global network to expand its operations and increase its efficiency in used oil collection, re-refining and distribution.
Anant Bhargava, CEO of IFP Petro, expressed his excitement about the partnership, saying on 26 May 2023, “We are thrilled to partner with AVISTA OIL AG, a company that shares our values and commitment to sustainability. With their support, we can take our operations to the next level and achieve our mission of creating a more sustainable future for India.”
Marc Verfürth, CEO of Avista Oil, also expressed his enthusiasm, saying, “India is a key market for us, and we are excited to partner with IFP Petro to bring our expertise and technologies to this region. We believe that this partnership will create significant value for both companies and contribute to the development of a circular economy for used oil in India.”
The partnership is expected to bring significant benefits to the Indian used oil re-refining industry, including improved quality, increased efficiency, reduced waste and enhanced sustainability.
India is the third largest consumer of lubricants with an estimated 1.5 million metric tonnes of used oil generated annually.
IFP Petro is a leading Indian used oil re-refining company established in 1977 that specializes in collecting, re-refining, and distributing re-refined base oil for various applications.
Avista Oil is a global leader in used oil collection, re-refining, and sustainable base oil production with operations in Europe and the United States. fiinews.com
