NEW DELHI: Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has said through biofuel blending, the country could save ₹91,000 crore 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 on Tuesday, Puri said India has achieved the second position in biofuel blending globally. He expressed confidence that the country will achieve the target of 20 percent biofuel blending by next year, much ahead of schedule.
“As our refineries take to green energy, the country will succeed in the goal towards green hydrogen. India’s energy demand will grow by two and a half times by 2047,” the Union minister said.
Highlighting 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, Puri said, “India has witnessed a spectacular growth in the refining sector over the years.”
“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 said, adding 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.
Puri 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 Ltd, which is being attended by 1,200 participants presenting 60 papers.
A total of 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.
