Union petroleum & natural gas minister Hardeep Singh Puri on Tuesday said India was on track in biofuel blending performance and would exceed the 20% target set for 2030 five years ahead of the schedule. The blending rate has reached 16.9%, the minister said, expressing happiness at the pace of progress on this front.

The Union government's biofuel initiative has helped the country save INR 91,000 crore in oil import bills. This has also given a big boost to the agriculture sector, the minister said, after kicking off the energy technology meet (ETM-2024) in Bengaluru.

India has the capability to process over 250 types of crude oil, with refining capacity anticipated to grow from the current 258 million metric tonnes per annum (MMTPA) to 310 MMTPA, Puri said. India's refining expansion, coupled with petrochemical integration, positions India well on its way towards flexible, efficient energy transition.

On digital innovation in the energy sector, the minister referred to the BCG report forecasting India's Artificial Intelligence market to reach USD 70 billion by 2027, and said digitalisation had immense potential to drive efficiency in energy operations.

Chairman of IndianOil, V Satish Kumar, said the future of the energy industry hinged on integrating green energy solutions into refining processes. "Through cutting-edge technologies and resource optimisation, we can build a resilient and environmentally responsible industry. ETM-2024 opens rich opportunities for our refining and petrochemicals sector that can play a significant role in catalysing the nation's aspirations."

About 1300 delegates from India and overseas, including domain experts, academia, licensors, R&D scientists and other professionals from the Hydrocarbon sector are participating in the three-day event. ETM 2024 will feature technical sessions on renewable integration, hydrogen production, waste-to-energy innovation, and strategies for carbon neutrality.