At the inauguration of the 27th Energy Technology Summit in Bengaluru, Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, shared a bold vision for India’s energy future. He outlined how biofuel blending could save the country a staggering ₹91,000 crore in import bills, funds that could be redirected to benefit the agricultural sector. With India currently ranked second globally in biofuel blending, Puri expressed confidence that the nation would meet its ambitious target of 20% biofuel blending by next year, well ahead of schedule.

Puri also highlighted India’s commitment to green energy, noting that as the country’s refineries shift towards more sustainable practices, India is well on its way to achieving its goal of producing green hydrogen. “India’s energy demand is set to grow by two and a half times by 2047,” the Minister remarked, emphasising the need for forward-thinking solutions to meet future challenges.

The Minister took pride in India’s progress in the refining sector, which has transformed dramatically over the past two decades. In 2001, India faced a refining deficit, but today, it stands as a global refining hub and a net exporter of high-quality petroleum products. “India has witnessed spectacular growth in the refining sector,” Puri noted. “From a deficit scenario in 2001, we achieved self-sufficiency in refining, and today, India is a major exporter of quality petroleum products.” He added that India is now the fourth-largest refining nation globally, with a capacity of 256.8 million metric tonnes per annum (MMTPA), trailing only the United States, China, and Russia.

Looking ahead, Puri revealed that efforts are underway to increase India’s refining capacity to 310 MMTPA by 2030, in line with the nation’s strategic energy goals. He also stressed the importance of intensifying efforts to achieve India’s net carbon-zero emissions target by 2070, noting that energy security, sustainability, and technological innovation must go hand-in-hand to reach these ambitious objectives.

The three-day Energy Technology Summit, organised by the Centre for High Technology and Indian Oil Corporation Limited, saw over 1,200 participants in attendance, with 60 papers to be presented and 23 exhibitors showcasing the latest technologies in the energy sector. As part of the event, Minister Puri also distributed the Best Energy Efficient Technology Awards for 2023-24, recognising the companies and innovations making strides toward a more sustainable energy future.

The event underscored India’s commitment to advancing both its energy sector and environmental goals, positioning the country as a key player in the global energy transition.