India Saved 91,000 Crore Rupees On Import Bill Through Biofuel Blending

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has said through biofuel blending, the country could save 91,000 crore rupees on the import bill and this money could be utilized for the benefit of the agricultural sector. Inaugurating the 27th Energy Technology Summit in Bengaluru today, he said India has achieved the second position in biofuel blending globally. He expressed confidence that India will achieve the target of 20 percent biofuel blending by next year, much ahead of schedule.

As our refineries takes to green energy, the country will succeed in the goal towards green hydrogen, the Minister said. The Minister said India’s energy demand will grow by two and a half times by 2047. He said India’s crude oil refining capacity has reached 400 to 450 million metric tons per annum, which is one-third of the global average.

He said the country will have to double the efforts to achieve the net carbon zero emission target by 2070. Energy security, sustainability and technology innovation should go hand-in-hand to achieve the targets in the energy sector, the Minister said. The three-day Energy Technology Meet has been organized by the Centre for High Technology and Indian Oil Corporation Limited. 1200 participants are attending the meet in which 60 papers will be presented.

23 Exhibitors will be showcasing their latest technologies. The Minister distributed the best energy efficient technology awards instituted by the Petroleum and Natural Gas Ministry for the year 2023-24.