Biofuel Blending may save 91,000 crore rupees on import bill: Petroleum Minister

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri announced that through biofuel blending, the country could save Rs 91,000 crore on its import bill. He emphasized that these savings could be redirected to benefit the agricultural sector. This statement was made during the inauguration of the 27th Energy Technology Summit in Bengaluru.

Puri also highlighted that India has achieved the second position in biofuel blending globally and expressed confidence that the country will meet its target of 20% biofuel blending by next year, well ahead of schedule.

Read Also : Tata Power RE commences 126 MW floating solar project in MP

Speaking at the event Shri Puri highlighted India's remarkable progress in the refining sector, which has transformed from a position of deficit in 2001 to becoming a global refining hub and net exporter of high-quality petroleum products. “India has witnessed spectacular growth in the refining sector over the years," said Shri Puri.

From a deficit scenario in 2001, the country achieved self-sufficiency in refining, and today, India is a major exporter of quality petroleum products.

He added that India has become the fourth-largest refining nation worldwide, with a capacity of 256.8 Million Metric Tonnes Per Annum (MMTPA), following the United States, China, and Russia. He further noted that, in line with India’s strategic energy goals, efforts are underway to expand the refining capacity to 310 MMTPA by 2030.

Read Also : Mines Ministry Signs MoU with IEA on Cooperation in the Area of Critical Minerals

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 have attended the Meet.

Read Also : NBCC Q2 results, Net Profit rises 53% to Rs 122 Crore