GAIL and Petron Sign MoU for Bio-Ethylene Plant in India
| Aspect | Details |
|---|---|
| Event Date | August 21, 2024 |
| Parties Involved | GAIL (India) Limited and Petron Scientech Inc (US-based) |
| Agreement | Memorandum of Understanding (MoU) |
| Project | Development of a 500 Kilo Tonne per Annum (KTA) bio-ethylene plant in India |
| Joint Venture | 50:50 joint venture |
| Feasibility Studies | To assess technical and financial viability before investment approval |
| Raw Material | Bio-ethanol |
| Objective | Enhance sustainable practices and advance India's bio-economy |
| Leadership Statement | Rajeev Kumar Singhal, Director (Business Development) at GAIL, emphasized commitment to sustainability and clean energy infrastructure. |
| Petron Expertise | Specializes in biorefinery projects, including ethanol, bio-ethylene, and biofuels |
| GAIL Overview | Maharatna Central Public Sector Enterprise; leader in natural gas transmission and distribution in India |
| GAIL Operations | Manages gas pipelines, processing plants, petrochemical facilities, upstream oil and gas fields, LNG regasification terminals |
| Stock Update (22/08) | GAIL's share price: Opened at ₹237.15, high of ₹234.55 as of 01:09 PM on NSE |