GAIL (India) and US-based Petron Scientech Inc (Petron) will start exploration for setting up a 500 Kilo Tons per Annum (KTA) bio-ethylene plant along with its downstream unit(s) in India, the PSU said in a statement.

This will be a joint venture (JV) mode between both companies, as per the statement.

Sumit Kishore, Executive Director (Business Development and Exploration and Production), GAIL, and Yogi Sarin, CEO, Petron signed the non-binding MoU in the presence of Rajeev Kumar Singhal, Director (Business Development), GAIL.

In line with the MoU, GAIL, and Petron will jointly undertake feasibility studies to ascertain the technical viability and financial prospects of the project. Both parties endeavor to secure investment approval from their respective management for investment in the project and forming a JV company.

Singhal 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 companies would create a synergy for achieving the objective 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.”