New Delhi, August 21, 2024: 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
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 the 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.”
About GAIL: GAIL, a Maharatna Central Public Sector Enterprise, is India’s leading natural gas transmission and distribution company with gas transmission & distribution pipelines, processing and petrochemicals plants besides interest in upstream oil & 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
About Petron: 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 production and supply of setting up biorefinery projects. Petron has technologies for producing both bioethanol and bio-ethylene. Petron commands 90% global bio-ethylene technology market.
In line with the MoU, GAIL and Petron will jointly undertake feasibility studies to ascertain the 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.”
About GAIL: GAIL, a Maharatna Central Public Sector Enterprise, is India’s leading natural gas transmission and distribution company with gas transmission & distribution pipelines, processing and petrochemicals plants besides interest in upstream oil & 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
About Petron: 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 production and supply of setting up biorefinery projects. Petron has technologies for producing both bioethanol and bio-ethylene. Petron commands 90% global bio-ethylene technology market.