Bengaluru (Karnataka) [India], November 12 : Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Tuesday said that the country could save 91,000 crore rupees on the import bill through biofuel blending and this money could be utilized for the benefit of the agricultural sector.
Inaugurating the 27th Energy Technology Summit in Bengaluru today, the Union Minister said India has achieved the second position in biofuel blending globally, underscoring its leading position in sustainable fuel practices.
"As a result of 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 expressed confidence that India will achieve the target of 20 percent biofuel blending by next year, much ahead of the schedule. As our refineries take to green energy, the country will succeed in the goal towards green hydrogen, the Minister said.
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.
Further, emphasizing India's refining sector, Puri noted, "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 USD 70 billion by 2027, underscoring digitalization's potential to drive efficiency in energy operations. The Minister said India's energy demand will grow by two and a half times by 2047.
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 Union Minister upheld ETM-2024 as a platform to bring together Energy Security, Sustainability, and Technological innovation. Referring to International Energy Agency (IEA) figures, the Minister mentioned 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.
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.
About 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.
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