New Delhi: GAIL (India) Limited and Petron Scientech Inc (Petron) have inked a Memorandum of Understanding (MoU) to jointly explore setting up a 500 Kilo Tons per Annum (KTA) bio-ethylene plant along with its downstream unit(s) in India, based on bio-ethanol produced in the plant in a 50:50 Joint Venture (JV) mode.
Sumit Kishore, Executive Director of Business Development and Exploration & Production, GAIL and Yogi Sarin, CEO, Petron signed the non-binding MoU yesterday in the presence of Shri Rajeev Kumar Singhal, Director of Business Development), GAIL.
In line with the MoU, GAIL and Petron will jointly undertake feasibility studies to ascertain the technical viability and financial prospects of the project. Both parties endeavour to secure investment approval from their respective management for investment in the project and forming a JV company.
Speaking on the occasion, Shri Singhal said “GAIL is a proud member of India’s clean energy infrastructure and is always committed to incorporate initiatives for sustainable development of the nation. We are elated to enter into this strategic relationship with Petron, a pioneer in bio-ethanol to bio-ethylene technology.
The MoU signifies a major step towards enhancing sustainable practices and advancing the bio-economy in India. The skills and strengths of both companies would create a synergy for achieving the objective of the MoU. The collaboration between GAIL and Petron is poised to not only foster technological advancements but also drive economic growth and environmental sustainability in India.”
