GAIL and Petron Team Up to Explore Bio-Ethylene Plant in India
New Delhi [India], August 23: State-owned energy giant, GAIL (India) and US-based Petron Scientech Inc. (Petron) will start exploring the setup of a 500 Kilo Tons per Annum (KTA) bio-ethylene plant in India. This will be a joint venture (JV) between both companies.
Sumit Kishore, Executive Director (Business Development and Exploration and Production) at GAIL, and Yogi Sarin, CEO of Petron, signed the non-binding MoU in the presence of Shri Rajeev Kumar Singhal, Director (Business Development) at GAIL.
According to the MoU, GAIL and Petron will conduct feasibility studies to determine the technical and financial viability of the project. Both companies aim to secure investment approval from their respective managements and form 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 incorporating initiatives for sustainable development. 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.”
GAIL is India’s leading natural gas transmission and distribution company, dedicated to enhancing the nation’s energy infrastructure and promoting sustainable development through various initiatives in natural gas, petrochemicals, and renewable energy.
Petron specializes in setting up biomass and grain processing biorefinery projects to produce ethanol, bio-ethylene, bio-chemicals, and various bio-fuel projects worldwide. Petron commands 90 percent of the global bio-ethylene technology market.
Doubts Revealed
GAIL -: GAIL stands for Gas Authority of India Limited. It is a big company in India that deals with natural gas.
Petron Scientech Inc. -: Petron Scientech Inc. is a company from another country that works on making chemicals and fuels in a way that is good for the environment.
MoU -: MoU stands for Memorandum of Understanding. It is like an agreement where two companies decide to work together on something.
bio-ethylene -: Bio-ethylene is a type of chemical made from plants instead of oil. It is used to make things like plastic but is better for the environment.
500 Kilo Tons per Annum -: 500 Kilo Tons per Annum means 500,000 tons every year. It tells us how much bio-ethylene the plant will make each year.
feasibility studies -: Feasibility studies are checks to see if a project can work well. They look at things like cost, technology, and if it will be successful.
JV company -: JV company stands for Joint Venture company. It is a new company that two or more companies create together to work on a project.
bio-economy -: Bio-economy means using natural and renewable resources, like plants, to make products and energy. It helps in reducing pollution and saving the environment.
