GAIL/Petron Scientech tie-up for bioethylene project in India
State-owned gas utility GAIL (India) has signed an agreement with US-based biofuel producer Petron Scientech Inc to jointly explore setting up of a 500 kilo tonnes/year bio-ethylene plant in India. The memorandum of understanding provides for the two firms looking at setting up the plant based on bioethanol in a 50:50 joint venture, GAIL said in a statement.
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, Rajeev Kumar Singhal, Director (Business Development), GAIL, 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 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.”
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.
Meanwhile, 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 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 bio-ethanol and bio-ethylene and it commands 90% global bio-ethylene technology market.
