REFINING INDIA 2025

refining india 2025

Unlocking full value from spent precious metal catalysts in India’s refining sector

Kuldip M Rawat SABIN

India’s refining and petrochemical through- put is poised to rise nearly 20% by 2028, exceeding 300 million tons per annum, as the nation aggressively expands its down- stream footprint.¹ , ² Each added hydroc- racker, hydrotreater, and reformer relies on high-performance catalysts embedded with platinum group metals (PGMs) such as platinum, palladium, and rhodium, and other precious metals such as gold and rhenium Meanwhile, the global spent catalyst recy- cling market is forecast to grow from $2.7 bil- lion in 2023 to $6.3 billion by 2031, driven by rising PGM demand and resource circu- larity mandates.³ Translating these volumes and prevailing metal prices into Indian terms reveals a ₨6 trillion ($75 billion) opportunity over the next decade; an asset that contin- ues to leak out of refinery gates under the current outright sale model ( Figure 1 ). Quick Cash vs Strategic Reclaim: The Dilemma India’s refining and petrochemical sector still leans heavily toward quick liquidation of spent catalysts. Among a stack of offers, local refiners or traders present financially attractive offers: immediate uplift, prompt cash settlement, simplified logistics, all with minimal administrative burden. But what unrealised value is being relinquished? Value leakage: Local buyers apply conserv- ative pricing models, factoring in assumed losses during processing and potential mar- ket volatility, often undervaluing assets by 30-40%. Traceability loss: Outright sale elimi- nated visibility and accountability. Buyers may resell or transfer the material multi- ple times, offering no assurance that final disposal will be environmentally sound or legally compliant. No treasury leverage: PGMs sold out- right cannot be collateralised, hedged, or retained as deferred revenue, limiting stra- tegic financial tools. In contrast, a structured reclaim model preserves chain of custody, supports Environmental, Social and Governance (ESG) and audit reporting, and often deliv- ers higher long-term returns through trans- parent sampling and settlement. Sabin’s Reclamation Model Sabin Metal Corporation’s reclamation model rests on three pillars: scientific pre- cision, operational transparency, and client trust. Each step of the process is engi- neered to maximise recovery, ensure com- pliance, and return verified value to the original generator. Sampling and assay: Sabin adheres to globally recognised protocols, ensuring sampling is representative, consistent, and verifiable. Its certified labs employ advanced analytical techniques to deliver precise assay results with full transparency. Thermal treatment and processing: For catalysts requiring pretreatment, Sabin operates three dedicated rotary kilns, spe- cifically engineered for precious metal-bear-

Precious metal recovery: Local trader vs Sabin reclaim model

20% Nearly

100

Local trader/ smelter Sabin reclaim

Exceeding

300

million tons per annum

Upcoming renery plant

Expansion of existing plant

Figure 1 The ₨6 trillion ($75 billion) oppor- tunity hidden in spent catalysts

Processing time

Transparency

Metal recovery value

ESG compliance

Treasury tools

Final return

Figure 2 Sabin reclaim vs local trader – value comparison

$5.00M

the point of sale, with every downstream action carrying long-term implications.

alysts from reforming, hydrocracking, and hydrotreating units, they were at a cross- roads. Due to years of logistical complica- tions and poor traceability, the refinery’s management was struggling to find a viable solution. With internal pressure mounting, management considered offloading the lot to a local trader for $7.1 million. Despite no formal commitment, Sabin’s team flew in to assess the situation first- hand and presented a clear and confident alternative to bulk liquidation. It proposed the use of portable X-ray fluorescence (XRF) tools to evaluate each drum and segregate the materials by metal analysis levels. This ensured that the high-value platinum-rich drums were not diluted by cobalt, nickel, or molybdenum cat. Result: a huge payoff. Rather than accept- ing a local buyer’s flat offer of $7.1 million, Sabin’s comprehensive reclaim approach yielded $9.6 million ( Figure 3 ). The first metal credits reached the client within 111 days from the commencement of the XRF separation, and the final metal settlement was concluded in just eight months. In addi- tion to financial value, the client gained traceability, ESG compliance, and audit- ready documentation. ESG: Joint Obligation and Strategic Advantage In today’s refining and resource recovery landscape, financial performance alone no longer defines success. ESG accountabil- ity is now both a legal obligation and a stra- tegic differentiator, especially in high-risk, high-scrutiny industries like petrochemical. International frameworks, most notably the Basel Convention, place full legal and ethical responsibility for hazardous and non-hazardous waste identification, move- ment, and final disposition directly on the generator. This duty cannot be outsourced to traders, refiners, or transit states. Once custody is lost, the risks multiply: regula- tory exposure, ESG downgrades, share- holder scrutiny, and reputational damage. Too often, spent catalysts are sold ‘as-is’ with little visibility into their downstream journey. This lack of transparency breaks the chain of custody and erodes compli- ance. Yet ESG obligations persist beyond

$4.20M

$3.35M

Unlocking Circular Value at Scale To truly capture the strategic and environ- mental value of reclaiming, India’s refining policy must evolve from disposal oversight to resource circularity enablement. We recommend targeted policy mecha- nisms that reinforce ESG-aligned reclaim- ing, including: • Fast-track environmental clearances for reclaim pathways governed by international environmental compliance regulations and aligned with India’s obligations for respon- sible transboundary material movement. • Tax credits or fiscal incentives for certi- fied PGM recovery, similar to energy effi- ciency schemes. • Circularity-linked capital allowances, rewarding infrastructure investment that supports onshore recycling over export dependency. These steps would not only boost envi- ronmental outcomes but also help build a sovereign metal value chain, reduce import reliance, and promote ESG-centric indus- trial growth. Conclusion In a world where natural resources are finite, and scrutiny is infinite, focus should not just be on the value extracted but the integrity of the process, ensuring reclamation is sus- tainable, compliant, and aligned with long- term economic and environmental benefits. From early metal advances to insured global logistics and from capital protection to integrity, Sabin offers a holistic reclaiming platform tailored to today’s industrial, envi- ronmental, and geopolitical realities. References 1 Ministry of Petroleum & Natural Gas, Government of India. India’s refining capacity to cross 300 MMTPA by 2028. PIB Press Release, 2024. 2 S&P Global Commodity Insights. India’s refining capacity to expand 20% by 2028 . Jan 2024. 3 V erified M arket R esearch. S pent c ata- lyst recycling market size and forecast (2023– 2031). 2024. Contact: kmrawat@sabinmetalcorp.com

$0.80M

Cash ow components

Figure 3 PGM cash flow comparison: Sabin vs local trader

ing materials. These kilns are optimised to minimise metal losses and ensure the high- est recovery potential from every batch. Refining and recovery: Sabin’s hybrid pyrometallurgical and hydrometallurgical approach achieves excellent recovery effi- ciencies for all PGM materials. All refining is conducted under strict environmental con- trols within its low-discharge facilities. Settlement and reporting: Clients receive comprehensive documentation at every stage, including grab sampling analy- sis, certified assay reports, processing updates, and final settlement statements. This detailed reporting enables full audit- ability, chain-of-custody verification, and peace of mind for all stakeholders. Open-door transparency: Clients are wel- come to observe any part of the process or appoint an independent representative to validate every step. Through this rigorous process, Sabin transforms spent materials into strategic value, helping clients reclaim not only pre- cious metals but also financial leverage, operational clarity, and regulatory confi- dence. Figure 2 illustrates the performance difference between Sabin’s reclaim model and the conventional local trader/smelter approach across key metrics. Case Study: 35% Higher Net Recovery Secured Through Strategic Reclaim When a leading Middle Eastern refiner faced a massive catalyst management chal- lenge over 4,500 drums of mixed spent cat-