Blitz Bureau
NEW DELHI: Petroleum Minister Hardeep Singh Puri said that India’s current biofuel blending rate has reached 16.9 per cent, putting the country on track to reach the 20 per cent target set for 2025-26.
“As a result of the Govt. of India’s biofuel initiatives, we have saved Rs 91,000 crore in import bills parallelly giving a much-needed boost to the agriculture sector,” he added. He also said that India ranks second globally in biofuel blending, underscoring its leading position in sustainable fuel practices.
The minister was speaking at the inauguration of the Energy Technology Meet (ETM) 2024, organised by the Centre for High Technology (CHT) and co-hosted by Indian Oil Corporation Ltd.
The three-day event from November 12-14 commenced here, bringing together industry experts, researchers, policymakers, and innovators under the theme ‘Green Energy Horizons: Advancing Sustainable Refining and Petrochemicals’.
It highlights India’s commitment to sustainable energy innovations and the transition towards greener energy solutions.
Referring to International Energy Agency (IEA) figures, the minister said that the nation’s energy needs are expected to grow by 2.5 times by 2047. Additionally, India is expected to account for 25 per cent of the overall global growth in energy demand in the next two decades.
Puri lauded the Oil Marketing Companies (OMCs) and private energy companies for their proactive approach in achieving net-zero targets. He also affirmed the readiness of the industry to support the PM Modi’s vision of a Viksit Bharat through advancements in ethanol, hydrogen, and biofuels.
Further, emphasising India’s refining sector, Puri said, “India has the capability to process over 250 types of crude oil, with refining capacity anticipated to grow from the current 258 MMTPA to 310 MMTPA.” India’s refining expansion, coupled with petrochemical integration, positions India well on its way towards a flexible, efficient energy transition.
