IOC’s INDMAX refining technology licensed to Serbian oil & gas company

After creating ripples in the domestic refining sector, state-owned Indian Oil CorporationNSE 0.20 %’s (IOC) state-of-the-art INDMAX refining technology has been selected by a Serbian oil and gas company for production of higher value products from crude oil.

The first-ever overseas agreement to licence the refinery process technology for high propylene production was signed between Naftna Industrija Srbije (NIS) of Serbia and Lummus Technology Inc, USA, in the presence of IOC Chairman Sanjiv Singh and S S V Ramakumar, director (R&D) at Belgrade, Serbia, according to a company statement.