GAIL and Petron Scientech Inc Team Up for Bio-Ethylene Plant in India

GAIL (India) Ltd has partnered with US biofuel producer Petron Scientech Inc to explore the establishment of a 500 kilotonnes per annum bio-ethylene plant in India. The two firms signed an MoU and will conduct feasibility studies to assess the project's viability before securing investment approval.

GAIL (India) Ltd, the country's largest natural gas transportation and marketing company, has inked a strategic deal with US-based biofuel producer Petron Scientech Inc. The companies aim to collaboratively explore the creation of a 500 kilotonnes per annum bio-ethylene plant in India.

According to a statement from GAIL, the memorandum of understanding (MoU) facilitates a 50:50 joint venture to set up the plant using bioethanol. Both companies will undertake feasibility studies to gauge the project's technical and financial prospects, aiming to secure investment approval from their respective management teams.

This agreement was formalized at a signing event attended by key executives, including Sumit Kishore, Executive Director (Business Development and Exploration & Production) of GAIL, and Yogi Sarin, CEO of Petron. 'Our collaboration signifies a significant move towards sustainable practices and advancing the bio-economy in India,' stated Rajeev Kumar Singhal, Director (Business Development) at GAIL.

The skills and strengths of both companies are expected to create a synergy that will foster technological advancements, drive economic growth, and enhance environmental sustainability in the country.

(With inputs from agencies.)