State-run GAIL has signed a Memorandum of Understanding (MoU) with US-based Petron Scientech to explore a joint venture for setting up a 500 Kilo Tonne per Annum (KTA) bio-ethylene plant in India.
As part of the MoU, GAIL and Petron will jointly undertake feasibility studies to ascertain the technical viability and financial prospects of the project. Both the parties would seek approval from their respective managements for investment in the project and to form a JV company, GAIL said.
GAIL Director (Business Development) Rajeev Kumar Singhal said: “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 synergy to achieve the objectives 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.”
Petron specialises in setting up biomass and grain processing biorefinery projects to produce ethanol, bio-ethylene, bio-chemicals (ethylene oxide/ mono ethylene glycol, Methanol) and bio-fuel projects worldwide.
Petron has the technology to produce both bioethanol and bio-ethylene. It commands 90 per cent share of the global bio-ethylene technology market.