Thursday, January 27, 2022

First EOI for signing long-term agreement for supply of ethanol receives overwhelming response

The first Expression of Interest EOI for signing long-term agreement with upcoming dedicated Ethanol plants for supply of Ethanol has received an overwhelming response with 197 bidders participating in it.

The EOI was published by BPCL on behalf of Oil Marketing Companies under the guidance of Ministry of Petroleum and Natural Gas on 27th August which opened yesterday. The bids are currently under evaluation.

Thanking all the bidders for making the EOI successful and wishing them all the very best in their ventures, Petroleum Minister Hardeep Singh Puri said, this EOI is a proactive step taken by the Ministry and Oil companies to motivate project proponents to set up ethanol production plants in ethanol deficit states.

He said, it will pave the way forward for the nation in achieving the ethanol blending target of 20 per cent and more in the coming years.

173 Crore litre Ethanol was procured last year and 5 per cent blending was achieved during Ethanol Supply Year ESY – 2019-20.

The target for ongoing year ESY – 2020-21 is 325 Crore litre which will take the blending to 8.5 per cent. Actual achievement during ESY – 2020-21 so far has been 243 Crore litre, accounting for 8.01 per cent blending.

The Government has announced five different rates for Ethanol based on feedstock used for Ethanol production. GST and Transportation charges are being paid extra.

- Advertisement -spot_img
Latest news
Related news