NOVEMBER, 20249FEDERAL MINISTRY RECOMMENDS NUCLEAR REACTORS IN REGIONS LACKING COALINDIA'S CRUDE OIL REFINING CAPACITY ESTIMATED TO INCREASE BY 52 MMTPAThe Union Petroleum & Natural Gas Minister Hardeep Singh Puri shared that India has the capacity to process over 250 types of crude oil, and the country's refining capacity is projected to grow from 258 million metric tonnes per annum (MMTPA) to 310 MMTPA. This expansion, along with petrochemical integration, positions India for a flexible and efficient energy transition.On Nov 12, he announced that India is making significant strides in its biofuel blending efforts and is set to surpass the 20 percent blending target set for 2030, achieving this milestone five years ahead of schedule. The current biofuel blending rate has already reached 16.9 percent, marking rapid progress in the initiative.Puri highlighted that the biofuel initiative has resulted in savings of Rs 91,000 crore in oil import bills while also boosting the agriculture sector. He made these remarks during the inauguration of ETM-2024 (Energy Technology Meet) in Bengaluru.On digital innovation in the energy sector, Puri cited a BCG report predicting that India's Artificial Intelligence (AI) market will reach $70 billion by 2027. He emphasized that digitalization offers tremendous potential to enhance operational efficiency within the energy sector.Indian Oil chairman V Satish Kumar also discussed the future of the energy industry, stressing the importance of integrating green energy solutions into refining processes. He stated that cutting-edge technologies and resource optimization would contribute to building a resilient and environmentally responsible energy industry. In the current fiscal year's budget, India proposed public-private partnerships to develop small nuclear reactors aimed at increasing carbon-free electricity production. This aligns with India's broader commitment to expanding clean energy capacity and reducing carbon emissions. The government has encouraged states to consider nuclear power plants at sites where coal-based thermal plants have reached end-of-life, according to a recent government statement.The federal power minister has urged states, especially those distant from coal resources, to explore nuclear power as an alternative for meeting rising electricity demand.India's nuclear expansion has been challenged by its strict nuclear liability laws, which have complicated negotiations with international power plant builders like General Electric and Westinghouse. Despite these hurdles, the government has set an ambitious goal to increase nuclear capacity from the current 8 GW to 20 GW by 2032.The power minister also recommended states list power utilities on stock exchanges to attract more investment in the sector, particularly to bolster the transmission network needed for renewable energy integration. India aims to achieve 500 GW of renewable capacity by 2030 as part of its commitment to net zero emissions by 2070. TOP STORIES
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