GAIL Inks Pact with Petron To establish bio-ethylene plant

GAIL (India) and Petron Scientech Inc (Petron) will begin searching for a location to establish a 500 KTA bio-ethylene plant and associated downstream unit(s) in India, as announced by the state-owned energy company.

According to the statement, both companies will enter into a joint venture (JV) mode together. Yesterday, in the presence of Shri Rajeev Kumar Singhal, Director (Business Development), GAIL, Sumit Kishore, Executive Director (Business Development and Exploration and Production), GAIL, and Yogi Sarin, CEO, Petron, signed the non-binding MoU.

According to the MoU, GAIL and Petron will collaborate on conducting feasibility studies to determine the technical and financial feasibility of the project. Both parties aim to obtain approval from their own management for investing in the project and forming a joint venture 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."