Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri in an exclusive
interaction with ET Energyworld, discusses India’s remarkable achievements during its G20
presidency, groundbreaking projects such as the Global Biofuels Alliance and the India-Middle EastEurope Economic Corridor, and outlines the nation’s robust plans for energy sector growth.
Minister Puri sheds light on India’s biofuel success, dispels concerns about food security, and shares insights into how India is diversifying its oil supply sources amidst global challenges.
What are the ways in which India has successfully used the opportunity
of G20 presidency to get forward movement on its energy sector
imperatives?
First and foremost, the G20 presidency was a resounding success. India acted as a unifier in a divided world and achieved success in raising expectations on various issues, including terrorism and urban resilience.
The 83 paragraph declaration addressed a wide range of topics, and international organizations and stakeholders will take these forward. The G20’s success reaffirmed its role as an economic forum, and we navigated through difficult issues. Everyone, from African ministers to the Chinese government and UN agencies, praised the G20’s success.
Additionally, during India’s G20 presidency, we launched the Global Biofuels Alliance, which now has 19 countries and international organizations on board. We also initiated discussions on the India-Middle East-Europe Economic Corridor, promoting connectivity and economic growth.
Can you provide more details about Global Biofuels Alliance and the India-Middle East-Europe Economic Corridor projects?
The Global Biofuels Alliance is a significant initiative. Biofuels are not just the future; they are already a reality. India has made remarkable progress in biofuel blending, with plans to reach 20% blending by 2025.
This represents a trillion-dollar opportunity. Industry associations are excited, and the shares of biofuel-related companies are surging.
As for the India-Middle East-Europe Economic Corridor, it’s a futuristic plan for the next 15 years, focusing on connectivity, shipping lines, ports, railway links, and seamless movement of goods and people. This corridor can revive historic trade routes and promote economic growth across regions.
Ethanol blending -We have already achieved the 10 per cent target and in advance. What is the preparation for 20 per cent achievement?
The timeline for reaching the 20% target is 2030, but we are committed to achieving it by the end of 2025. We have already made substantial progress and are on track to meet this goal.
The CBG – Satat scheme aimed at 5000 plants by 2030.We only have 50 so far.What is being done to give a boost to that investment potential?
The CBG – Satat scheme had a slow start, but it’s gaining momentum. We currently have about 70-80 plants, and over a hundred more are in the pipeline, with state governments and companies actively participating. India’s biofuel program is unique and diversified, using various feedstocks, including agricultural waste and gases, to
The debate about biofuels versus food security is misguided. Through biofuels, we enhance agriculture production and help farmers. India has saved around Rs 73,000 crore on its import bill in the last nine years due to biofuel blending, and Rs 76,000 crore has been paid to farmers. By increasing biofuel blending, we benefit millions of farmers and recognize
them not only as food producers but also as energy producers.
On the oil import front, how has the Ukraine war impacted India’s oil supply choices and cost? In what ways do you think the country managed to wade through this period of crisis since Feb 2022?
India has diversified its sources of oil supply to ensure availability, affordability, and sustainability. We now import oil from a larger number of countries, including the United States and Russia. The government has reduced excise and state taxes to lower prices, and we are actively exploring alternative energy sources like green hydrogen. India is
committed to addressing energy challenges effectively and responsibly.
