India to enhance Petrochemical production capacity
New opportunities for investment and collaboration are being created by the expanding energy sector of India, especially the gas demand is expected to rise up to 500% in the country in coming years.
The Prime Minister Narendra Modi, who inaugurated the India Energy Week (IEW) 2023 in Bengaluru on 6 Feb 2023, informed delegates that, among new investments, India is working to enhance petrochemical production capacity and called on the industry leadership to utilise technology and the startup ecosystem of India to expand their energy landscape.
India’s share in the global oil demand is expected to rise to 11% from the current 5%.
“The Government is working on mission mode to increase the consumption of natural gas in our energy mix from 6% to 15% by 2030 where all the needed infrastructure will be provided by ‘One Nation One Grid’,” he said.
“The government is trying to increase LNG Terminal regasification capacity,” he said, adding that the terminal regasification capacity of 21 MMTPA has doubled in 2022 while efforts are being made to increase it even more.
“We have reduced the ‘No-Go’ areas. Due to this, 10 lakh square kilometre area has been freed from the restrictions of No-Go. I would urge all the investors to make use of these opportunities, and increase your presence in the exploration of fossil fuels,” he stressed.
Regarding Bio-energy expansion, the Prime Minister said that preparation are underway for 12 commercial 2G Ethanol plants.
Similarly, efforts are in the direction of commercial feasibility of sustainable aviation fuel and renewable diesel.
He also informed about 500 new ‘waste to wealth’ Gobardhan plants, 200 compressed biogas plants and 300 community-based plants which will create new avenues of investments.
“The National Green hydrogen mission will give a new direction to the India of the 21st century,” said Modi, adding that the target to produce 5 MMTPA green hydrogen by the end of this decade will bring in investments of more than Rs.8 lakh crore.
The Government Rs.18,000 crores PLI scheme will be a significant step towards manufacturing advanced chemistry cells of 50 GigaWatt hours.
Further Rs.35,000 crores have been kept for priority capital investment to push energy transition and net-zero objectives.
Provision for Rs.10 lakh crore capital expenditure will give a push to green hydrogen, solar to road infrastructure. Green hydrogen production will be increased to 25% by replacing grey hydrogen, he added.
India, he said, is at number four in wind power capacity.
“We are aiming to have 50% non-fossil fuel capacity by the end of this decade.
“We are also working very fast on biofuel, and ethanol blending. In the last 9 years, ethanol blending in petrol has increased to 10% from 1.5%.
“Now we are moving towards the target of 20% ethanol blending,” Modi added.
Referring to the E-20 rollout today (6 Feb), the Prime Minister said that the first phase will cover 15 cities and within two years it will be expanded to the entire country.
The Prime Minister called upon the stakeholders to explore every possibility related to India’s energy sector and get involved with it.
“Today, India is the most suitable place in the world for your investment,” he underlined.
India Energy Week, organised 6- 8 February, showcased India’s rising prowess as an energy transition powerhouse.
More than 30 Ministers from across the world and over 30,000 delegates, 1,000 exhibitors and 500 speakers gathered in Bengaluru and discussed the challenges and opportunities of India’s energy future. fiinews.com
