Oilmax Energy, a private integrated oil and gas company, is set to invest Rs4.5bn ($51.6m) in energy and mineral sectors in the Indian state of Assam.
The investment was unveiled at the Advantage Assam Summit, where Oilmax Energy expressed its commitment to the state’s Tiphuk oil and gas field, compressed biogas sector and the exploration of Assam’s mineral resources.
Oilmax Energy signed three memorandums of understanding (MOUs) at the event for three key initiatives, which are set to create approximately 300 jobs.
The first MOU was signed with Brahmaputra Crackers & Polymers, targeting the Tiphuk oil and gas field. BCPL will offtake the gas produced, bolstering domestic production and India’s energy security.
The second MOU, with the Government of Assam, will facilitate the development of the state’s mineral resources, focusing on quartz mining. This venture is expected to leverage Assam’s untapped mineral potential.
In a third MOU, Oilmax Energy has partnered with Assam Gas Company to establish a compressed biogas (CBG) plant using Napier grass as feedstock.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThis initiative supports India’s commitment to clean energy and a circular economy, providing Assam with a sustainable biofuel production model.
The Tiphuk oil and gas project is expected to commence within the next six to 12 months, while the quartz mining and CBG plant developments will unfold over the next two to three years.
Oilmax Energy founder and managing director Kapil Garg said: “Oilmax has always been committed to harnessing Assam’s potential in the energy and mineral sectors. The current investments and MOUs underscore the company’s strong interest in exploring the state’s abundant resources.
“We are keen to expand into other critical industries that align with the state’s and the nation’s development goals and contribute to the country’s growing GDP. Our investments in energy production, minerals and clean energy reflect our long-term vision of creating sustainable growth opportunities. Assam is at the forefront of India’s industrial expansion, and we are committed to playing a key role in its transformation.”
