PUNE: Leaping to future technologies, India is poised to bring out a national biofuel policy aimed at creating a sector worth Rs 1 lakh crore, said Minister of Petroleum Dharmendra Prasad at three-day conclave on Advanced Biofuels held at Delhi.
The city-based Praj Industries has probably become the first industry in the country which will cater to the biofuel market of the European Union after using the indigenous technology. The company has erected its own biorefinery plant a few kms away from the city.
At a press conference here on Friday, Praj Industries Executive Chairman Pramod Chaudhari said, “We had a European Union delegation co-led by Kyriakos Maniatis, Principal Administrator, Director General for Energy, European Commission visiting our plant on Friday. The current government is encouraging the use of biofuels.”
“Our biorefinery will produce ethanol from a variety of agri residue which will serve as a technology platform to develop renewable fuels and chemicals, in addition to ethanol,” added Chaudhari.
“Indian oil companies are setting up 12 numbers of second generation biorefineries and we have signed a memorandum of understanding with IOCL and BPCL,” he said.
“Meanwhile, the EU is working out a policy on biofuels. The creation of biofuels through the crops consumed there, which means that to cater to the rising demands bio-fuels needs to be produced,” said Chaudhari.