New Delhi: GAIL (India) Limited on Thursday said that it has entered in-to an MoU with Petron Scientech Inc (Petron) to jointly explore setting up a 500 kilo tons per annum (KTA) bio-ethylene plant along with its downstream units in India, based on bio-ethanol produced in the plant in a 50:50 Joint Venture (JV) mode.
GAIL's Executive Director (Business Development and Exploration & Production) Sumit Kishore and Petron's CEO Yogi Sarin signed the non-binding MoU on August 21 in the presence of GAIL's Director (Business Development) Rajeev Kumar Singhal.
In line with the MoU, GAIL and Petron will jointly undertake feasibility studies to ascertain technical viability and financial prospects of the project. Both the parties endeavour 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 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.”
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