Energy technology company Essar Future Energy (EFEL) has signed a memorandum of understanding (MoU) with Korean wholesale importer and exporter LX International (LXI) to jointly develop a sustainable aviation fuel (SAF) refinery in India.
The strategic partnership would establish a framework across feedstock sourcing, product offtake and financing to scale and secure global market access for SAF production, EFEL said in a 24 April LinkedIn post.
“This collaboration marks a key milestone in building a globally integrated SAF value chain, reinforcing India’s potential as a competitive hub for sustainable aviation fuels,” the post said.
As part of the initiative, LXI would: leverage its Southeast Asia network to supply used cooking oil (UCO) and other key feedstocks to EFEL; act as a strategic offtake partner, supporting global SAF market; and facilitate access to funding through Korean financial institutions and export credit agencies.
Active in the sustainable fuels market for the transport, shipping and aviation sectors, Mumbai-based EFEL is one of the portfolio businesses of global investor, Essar Global Fund Limited (EGFL).
Seoul-based LXI is involved in resource development, trading, business
development and investment, financing, raw material sourcing and logistics.
It operates coal businesses in Indonesia, China and other locations, and also owns three oil palm plantations.
The company is currently expanding its global business with a focus on strategic regions such as Indonesia, China, India and the Middle East.
