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Using biofuels, India aims to cut oil import bill by Rs 120 billion: Modi

The govt plans to invest Rs 100 billion and would build 12 biofuel refineries

Reuters  |  New Delhi 

India aims to cut down its oil import bill by Rs 120 billion ($1.74 billion) through increased use of biofuels, Prime Minister Narendra Modi said on Friday. ALSO READ: Iran oil imports: Slippery road ahead for India as US sanctions kick in The South Asian nation, which imports up to 80 per cent of its oil needs, plans to invest Rs 100 billion and would build 12 biofuel refineries, Modi said. Modi blamed previous governments for not taking the ethanol blending programme seriously and said now its production will triple to 4.5 billion litres in the next four years, leading ...

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First Published: Fri, August 10 2018. 12:52 IST
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