GAIL (India) Limited and Petron Scientech Inc (Petron) have signed a Memorandum of Understanding (MoU) to jointly explore the establishment of a 500 Kilo Tons per Annum (KTA) bio-ethylene plant and its associated downstream units in India. This initiative will operate on a 50:50 Joint Venture (JV) basis, utilizing bioethanol produced at the plant.
The MoU was signed by Shri Sumit Kishore, Executive Director (Business Development and Exploration & Production) at GAIL, and Shri Yogi Sarin, CEO of Petron, in the presence of Shri Rajeev Kumar Singhal, Director (Business Development) at GAIL.
Under the MoU, both GAIL and Petron will conduct feasibility studies to evaluate the technical and financial viability of the project. The goal is to secure investment approvals from both parties’ management teams to proceed with the project and establish the JV company.
Shri Singhal remarked, “GAIL is dedicated to advancing India’s clean energy infrastructure and is committed to sustainable development initiatives. We are excited to partner with Petron, a leader in bio-ethanol to bio-ethylene technology. This MoU marks a significant step towards promoting sustainable practices and boosting the bio-economy in India. The collaboration between GAIL and Petron aims to combine our strengths to achieve the objectives outlined in the MoU, driving both technological innovation and economic growth while enhancing environmental sustainability in India.”