Government`s biofuel drive has saved Rs 91,000 crore in oil import bills: Hardeep Puri
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Petroleum Minister Hardeep Singh Puri said on Tuesday 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 Prime Minister’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.
Addressing the role of digital innovation, the Minister referred to the BCG report forecasting India’s Artificial Intelligence market to reach $70 billion by 2027, underscoring digitalisation’s potential to drive efficiency in energy operations.
V Satish Kumar, Chairman & Director (Marketing), IndianOil, in his address said, “The future of the energy industry hinges on integrating green energy solutions into refining processes. Through cutting-edge technologies and resource optimisation, we can build a resilient and environmentally responsible industry. ETM-2024 opens rich opportunities for our refining and petrochemicals sector, that can play a significant role in catalysing the nation’s aspirations.”
Over 1300 delegates from India and abroad including domain experts, academia, licensors, R&D scientists, and other professionals from the Hydrocarbon sector are participating in this 3-day event.
ETM 2024 will feature technical sessions on renewable integration, hydrogen production, waste-to-energy innovation, and strategies for carbon neutrality. An exhibition area will showcase cutting-edge products and technologies from industry leaders, startups, and research institutions. The event fosters collaborative opportunities, encouraging academia-industry partnerships, skill-building, and joint R&D efforts to advance India’s sustainable energy future.
