India to announce a new bio fuel policy to cut imports of fossil fuels
The Dollar Business Bureau The Government plans to unveil a new policy for promoting the use of biofuels in the transport that will help in catalyzing about Rs.1 lakh crore of investment in the whole value chain, Oil and Petroleum Minister Dharmendra Pradhan said on Thursday. India has to import around 80% of crude oil to meet its requirements and use of biofuels produced from non-edible oils help the country in meeting its target of cutting down the imports by 10% by 2022, Pradhan said at an event organised to mark ‘World Biofuel Day’. The top three state-run oil companies of India Bharat Petroleum Corp Ltd (BPCL), Indian Oil Corp (IOC) and Hindustan Petroleum Corp Ltd (HPCL) have pledged $2 billion investment for carrying ...
