BENGALURU: Minister of Petroleum and Natural Gas Hardeep Singh Puri said India’s energy demand is set to double by 2047. He was speaking after inaugurating the three-day Energy Technology Meet (ETM) 2024 organised by the Centre for High Technology (CHT) and co-hosted by Indian Oil Corporation (IndianOil), here on Tuesday.
Lauding the Oil Marketing Companies and private energy companies for their proactive approach in achieving net-zero targets and affirming India’s readiness to support ‘Viksit Bharat’ through advancements in ethanol, hydrogen, and biofuels, he highlighted India’s biofuel achievements.
He revealed that India’s current biofuel blending rate has reached 16.9%, putting the country on track to exceed the 20% target set for 2030, five years ahead of schedule. “As a result of Government 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. He 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.”
V Satish Kumar, Chairman & Director (Marketing), IndianOil, said the future of the energy industry hinges on integrating green energy solutions into refining processes.
The event, “Green Energy Horizons: Advancing Sustainable Refining and Petrochemicals”, highlights India’s commitment to sustainable energy innovations and the transition towards greener energy solutions, he added.