GAIL and Petron Join Forces for India’s First 500 KTA Bio-Ethylene Plant

On August 22, 2024, GAIL (India) Limited and Petron Scientech Inc (Petron) announced that they had signed an agreement to explore the potential of establishing a bioethylene plant in India.

The plant would have a capacity of 500 kilotons per year and would be developed in partnership, with each company holding a 50% stake in the joint venture. The MoU was signed on August 21, 2024, by GAIL’s Executive Director, Shri Sumit Kishore, and Petron’s CEO, Shri Yogi Sarin, in the presence of GAIL’s Director of Business Development, Shri Rajeev Kumar Singhal.

As part of this agreement, both companies will conduct feasibility studies to assess the project’s technical and financial aspects. They will also work to obtain the necessary investment approvals from their respective management teams before moving forward with the joint venture.

Shri Singhal expressed pride in GAIL’s role in India’s clean energy infrastructure and its commitment to promoting the country’s sustainable development. He welcomed the strategic partnership with Petron, a leader in bio-ethanol to bio-ethylene technology.

He also noted that the MoU marks a significant step forward in promoting sustainable practices and boosting the bio-economy in India. The combined expertise of GAIL and Petron will create a strong partnership aimed at achieving the MoU’s goals. This collaboration is expected to lead to technological innovations, economic growth, and greater environmental sustainability in India.

About Petron

Petron focuses on developing biorefinery projects that use biomass and grain processing to produce ethanol, bio-ethylene, biochemicals like ethylene oxide and mono-ethylene glycol, and various biofuels.

About GAIL

GAIL, a Maharatna Central Public Sector Enterprise, is India’s top company for natural gas transmission and distribution. It operates gas pipelines, processing plants, and petrochemical facilities and also has interests in upstream oil and gas fields and LNG regasification terminals across India. GAIL is committed to strengthening the country’s energy infrastructure and supporting sustainable development through its work in natural gas, petrochemicals, and renewable energy initiatives.

On August 22, 2024, the share price of Gail (India) Ltd opened at ₹237.15, touching the day’s high of ₹234.55 as of 01:09 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.