GAIL inks MoU with Petron Scientech to setup bio-ethylene plant in India
GAIl (India) said that it has signed Memorandum of Understanding (MoU) with Petron Scientech Inc (Petron) to jointly explore setting up of a 500 Kilo Tons per Annum (KTA) bio-ethylene plant in India. Petron specializes in setting up biomass and grain processing biorefinery projects to produce ethanol, bio-ethylene, bio-chemicals (ethylene oxide / mono ethylene glycol, Methanol) and various bio-fuel projects worldwide. In line with the MoU, GAIL and Petron will jointly undertake feasibility studies to ascertain technical viability and financial prospects of the project. Both the parties endeavour to secure investment approval from their respective management for investment in the project and forming a JV company. The company will set up bio ethylene plant along with its downstream units in India, based on bio -ethanol produced in the plant in a 50:50 Joint Venture (JV) mode. Singhal said, GAIL is a proud member of Indias 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 the companies would create a synergy for achieving the objective of 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.
India Beats China To Become Russia’s Top Oil Buyer In July
India became the largest importer of Russian oil in July beating China which reduced its purchases due to lower profit margins in fuel production Data on Indian shipments from trade and industry sources revealed that Russian crude imports increased by 12% year-on-year to 44% of India’s total imports last month, reaching a record high of 2.07 million barrels per day (bpd). The imports increased 4.2% from June. According to Chinese customs data, India’s July oil imports from Russia exceeded China’s 1.76 million bpd, which included both pipeline and shipment deliveries. Indian refiners have been taking advantage of discounted Russian oil following Western nations’ sanctions against Moscow and their reduced energy purchases in response to Russia’s invasion of Ukraine. Data on Indian shipments from trade and industry sources revealed that Russian crude imports increased by 12% year-on-year to 44% of India’s total imports last month, reaching a record high of 2.07 million barrels per day (bpd). The imports increased 4.2% from June. According to Chinese customs data, India’s July oil imports from Russia exceeded China’s 1.76 million bpd, which included both pipeline and shipment deliveries. Indian refiners have been taking advantage of discounted Russian oil following Western nations’ sanctions against Moscow and their reduced energy purchases in response to Russia’s invasion of Ukraine.