GAIL And Petron Signed MoU For Exploring Setting Up A Bio-Ethylene Plant In India

GAIL (India) Limited and Petron Scientech Inc (Petron) have inked a non-binding Memorandum of Understanding (MoU) today to jointly explore setting up of 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. Shri Sumit Kishore, Executive Director (Business Development and Exploration & Production), GAIL and Shri Yogi Sarin, CEO, Petron signed the MoU in 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 technical viability and financial prospects of the project. Based on the outcome of feasibility studies, both parties will secure investment approval from their respective management for investment in the project and forming a JV company.

Speaking on the occasion, Shri Rajeev Kumar Singhal, Director (Business Development) stated “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 the companies would create a synergy for achieving the objective of 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.”