New Joint Venture to Explore Bioethanol-Based Manufacturing
State-owned gas utility GAIL (India) Ltd has entered into a memorandum of understanding (MoU) with US-based biofuel producer Petron Scientech Inc to explore the establishment of a 500-kilo tonne per annum bio-ethylene plant in India. The partnership will be a 50:50 joint venture focusing on bioethanol-based production, according to GAIL’s official announcement.
Collaboration Aimed at Advancing Bio-Economy and Sustainability
GAIL, a leading natural gas transportation and marketing company in India, will collaborate with Petron, known for its expertise in biomass and grain processing biorefineries. The joint venture aims to produce bio-ethylene, along with bio-chemicals and various bio-fuels, enhancing India’s commitment to sustainable energy solutions. The companies will conduct feasibility studies to assess the technical and financial viability of the project and aim to secure investment approval from their respective management teams.
Strategic Alliance to Foster Technological Advancements and Growth
The MoU was signed by Sumit Kishore, Executive Director (Business Development and Exploration & Production) at GAIL, and Yogi Sarin, CEO of Petron, in the presence of Rajeev Kumar Singhal, Director (Business Development) at GAIL. “We are thrilled to partner with Petron, a leader in bio-ethanol to bio-ethylene technology. This collaboration marks a significant milestone in advancing sustainable practices and promoting the bio-economy in India,” stated Singhal. “The combined expertise of both companies will not only drive technological innovation but also contribute to economic growth and environmental sustainability.”
