GAIL signed an agreement with Petron Scientech, a US-based company, to explore the possibility of establishing a 500 kilo ton per annum (KTA) bio-ethylene plant in India.
As per the agreement, both companies will conduct feasibility studies to evaluate the technical and financial viability of the project. Upon completion, both parties will seek approval from their respective managements to invest in the project and establish a joint venture (JV) company.
Rajeev Kumar Singhal, GAIL’s Director of Business Development commented that the agreement represents a significant stride towards promoting sustainable practices and advancing the bio-economy in India.
Singhal emphasized that the combined expertise of GAIL and Petron would create a synergy that could help achieve the objectives of the agreement. The collaboration aims to foster technological advancements while also driving economic growth and environmental sustainability in India.
Petron specializes in setting up biorefineries for biomass and grain processing, producing ethanol, bio-ethylene, bio-chemicals like ethylene oxide, mono ethylene glycol, and methanol, as well as biofuels on a global scale. As reported by thehindubusinessline.com, the company possesses the technology to produce both bioethanol and bio-ethylene.
