GAIL and Petron to Establish 500 KTA Bio-Ethylene Plant in India [Current Affairs]
On August 21, 2024, GAIL (India) Limited and US-based Petron Scientech Inc signed a Memorandum of Understanding (MoU) to explore the development of a 500 Kilo Tonne per Annum (KTA) bio-ethylene plant in India. This initiative will involve a 50:50 joint venture, where both companies will conduct feasibility studies to evaluate the technical and financial viability of the project before seeking investment approval.
Project Details and Feasibility
The proposed bio-ethylene plant will utilize bio-ethanol and is a significant step towards enhancing sustainable practices and advancing the bio-economy in India. The feasibility studies will assess the project’s technical capabilities and financial prospects, paving the way for future investment.
Statements from Leadership
Rajeev Kumar Singhal, Director (Business Development) at GAIL, emphasized GAIL’s commitment to sustainable development and clean energy infrastructure. He expressed enthusiasm about the partnership with Petron, noting it as a crucial move towards driving technological innovation, economic growth, and environmental sustainability in India.
About the Companies
Petron specializes in biorefinery projects, focusing on the production of ethanol, bio-ethylene, and various biofuels. GAIL, a Maharatna Central Public Sector Enterprise, is India’s leading company in natural gas transmission and distribution and is involved in petrochemicals, upstream oil and gas fields, and LNG regasification.
Stock Market Update
On August 22, 2024, GAIL’s share price opened at ₹237.15 and reached a high of ₹234.55 as of 01:09 PM on the NSE.
GAIL: Key Points
Full Name: GAIL (Gas Authority Of India Ltd.India)
Type: Maharatna Central Public Sector Enterprise
Industry: Natural gas transmission and distribution
Operations: Manages gas pipelines, processing plants, and petrochemical facilities
Other Interests: Upstream oil and gas fields, LNG regasification terminals
Commitment: Strengthening energy infrastructure and supporting sustainable development
Source: currentaffairs by adda247
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