India expects biofuel boom
Growing energy security concerns and a booming automobile industry will drive the biofuel demand in India.
The country’s ethanol consumption is expected to cross the 700 million gallon mark by 2018.
India’s primary energy consumption is among the top five in the world and oil makes up for a large share of the country’s energy mix but due to limited oil reserves it depends on import.
India’s crude oil import reached more than 128 million tonnes in 2008-09, an increase of around 42% over the 2003-04 import level. Given the fluctuating oil prices and continuously increasing oil import, the Indian biofuel sector is expected to see a strong growth in coming years.
With a booming economy, relatively cheap bank credit, an expanding middle class and a steady stream of new vehicle models entering the market, the demand for vehicles in India has been consistently growing and will remain buoyant in future.
It is expected that the number of petrol-run passenger cars will increase to around 1.5 million units by the end of 2012-13, representing vast opportunities for the biofuel industry.
The country’s ethanol consumption is expected to cross the 700 million gallon mark by 2018.
India’s primary energy consumption is among the top five in the world and oil makes up for a large share of the country’s energy mix but due to limited oil reserves it depends on import.
India’s crude oil import reached more than 128 million tonnes in 2008-09, an increase of around 42% over the 2003-04 import level. Given the fluctuating oil prices and continuously increasing oil import, the Indian biofuel sector is expected to see a strong growth in coming years.
With a booming economy, relatively cheap bank credit, an expanding middle class and a steady stream of new vehicle models entering the market, the demand for vehicles in India has been consistently growing and will remain buoyant in future.
It is expected that the number of petrol-run passenger cars will increase to around 1.5 million units by the end of 2012-13, representing vast opportunities for the biofuel industry.
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