New Delhi [India], August 23 : State-owned energy giant, GAIL (India) and US-based Petron Scientech Inc (Petron) will start exploration for setting up a 500 Kilo Tons per Annum (KTA) bio-ethylene plant along with its downstream unit(s) in India, the PSU said in a statement.
This will be a joint venture (JV) mode between both companies, as per the statement.
Sumit Kishore, Executive Director (Business Development and Exploration and Production), GAIL, and Yogi Sarin, CEO, Petron signed the non-binding MoU yesterday in the presence of Shri Rajeev Kumar Singhal, Director (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 endeavor to secure investment approval from their respective management for investment in the project and forming a JV company.
Speaking on the occasion, 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."
GAIL, a Maharatna Central Public Sector Enterprise, is India's leading natural gas transmission and distribution company with gas transmission and distribution pipelines, processing, and petrochemicals plants besides interest in upstream oil and gas blocks and LNG regasification terminals in India.
GAIL is dedicated to enhancing the nation's energy infrastructure and promoting sustainable development through various initiatives in natural gas, petrochemicals, and renewable energy. For more information, please visit gailonline.com
Petron specializes in setting up biomass and grain processing biorefinery projects to produce ethanol, bio-ethylene, bio-chemicals (ethylene oxide/mono ethylene glycol, Methanol), and various bio-fuel projects worldwide.
Petron along with its affiliates and partners brings technology experience in the production and supply of setting up biorefinery projects. Petron has technologies for producing both bio-ethanol and bio-ethylene. Petron commands 90 per cent global bio-ethylene technology market.
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