GAIL (India) Limited has announced the signing of a Memorandum of Understanding (MoU) with Petron Scientech Inc. (Petron) to jointly explore the establishment of a 500 kilo-tons per annum (KTA) bio-ethylene plant in India. This plant, which will operate in a 50:50 Joint Venture (JV) mode, will be based on bio-ethanol produced at the facility.
The MoU was signed on August 21 by GAIL’s Executive Director of Business Development and Exploration & Production, Sumit Kishore, and Petron’s CEO, Yogi Sarin, in the presence of GAIL’s Director of Business Development, Rajeev Kumar Singhal.
As per the agreement, GAIL and Petron will conduct feasibility studies to evaluate the technical viability and financial prospects of the project. The companies aim to secure investment approval from their respective managements and move forward with the formation of a JV company.
Commenting on the partnership, Rajeev Kumar Singhal stated, “GAIL is committed to India’s clean energy infrastructure and sustainable development. This strategic relationship with Petron, a leader in bio-ethanol to bio-ethylene technology, represents a significant step towards advancing the bio-economy in India. Together, we will create synergies that foster technological advancements, economic growth, and environmental sustainability.”
This collaboration underscores GAIL’s commitment to sustainable practices and marks a crucial step in enhancing India’s bio-economy and clean energy goals.
