The Union Petroleum & Natural Gas Minister Hardeep Singh Puri shared that India has the capacity to process over 250 types of crude oil, and the country's refining capacity is projected to grow from 258 million metric tonnes per annum (MMTPA) to 310 MMTPA. This expansion, along with petrochemical integration, positions India for a flexible and efficient energy transition.
On Nov 12, he announced that India is making significant strides in its biofuel blending efforts and is set to surpass the 20% blending target set for 2030, achieving this milestone five years ahead of schedule. The current biofuel blending rate has already reached 16.9%, marking rapid progress in the initiative.
Puri highlighted that the biofuel initiative has resulted in savings of Rs 91,000 crore in oil import bills while also boosting the agriculture sector. He made these remarks during the inauguration of ETM-2024 (Energy Technology Meet) in Bengaluru.
On digital innovation in the energy sector, Puri cited a BCG report predicting that India's Artificial Intelligence (AI) market will reach $70 billion by 2027. He emphasized that digitalization offers tremendous potential to enhance operational efficiency within the energy sector.
Indian Oil chairman V Satish Kumar also discussed the future of the energy industry, stressing the importance of integrating green energy solutions into refining processes. He stated that cutting-edge technologies and resource optimization would contribute to building a resilient and environmentally responsible energy industry.
ETM-2024, a three-day event, has gathered around 1,300 delegates from India and overseas, including industry experts, academics, R&D scientists, and professionals from the hydrocarbon sector. The event will feature technical sessions on renewable energy integration, hydrogen production, waste-to-energy innovation, and strategies for achieving carbon neutrality.
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