A Memorandum of Understanding (MoU) has been signed by GAIL (India) Limited and Petron Scientech Inc (Petron) to investigate the establishment of a 500 Kilo Tons per Annum (KTA) bio-ethylene plant in India, along with its downstream unit(s), based on bio-ethanol produced in the plant in a 50:50 Joint Venture (JV) mode.
The non-binding Memorandum of Understanding was signed by Shri Yogi Sarin, CEO of Petron, and Shri Sumit Kishore, Executive Director (Business Development and Exploration & Production), GAIL, in the presence of Shri Rajeev Kumar Singhal, Director (Business Development), GAIL.
In accordance with the MoU, GAIL and Petron will work together to conduct feasibility studies in order to determine the project’s technical viability and financial possibilities. In order to fund the project and establish a joint venture business, both parties make an effort to obtain investment clearance from their respective management.
“GAIL is a proud member of India’s clean energy infrastructure and is always committed to incorporate initiatives for the sustainable development of the nation,” Shri Singhal stated in his speech on the occasion. We are thrilled to be partnering with Petron, a leader in the bio-ethanol to bio-ethylene technology, in this strategic alliance. The MoU is a significant step forward for India’s bioeconomy and sustainable practices. The combined abilities and qualities of the two businesses would work in concert to accomplish the goal of the memorandum. In addition to advancing technology, GAIL and Petron’s partnership is expected to boost economic development and environmental sustainability in India.
