Union Minister Nitin Gadkari flayed OPEC for raising crude oil prices at India chemical 2018, held on Thursday. According to him India’s dependence on oil imports is the reason for the “economic crises” faced by the country. With this, he also outlined the steps taken by the Narendra Modi government to increase production and use of biofuels such as ethanol, methanol and other alternative fuels. These include making ethanol from molasses and processing of sugar, raising the production of molasses from sugar from 4 percent to 6 percent and conversion of molasses into ethanol, making ethanol from sugarcane, corn, cotton straw, rice straw, and municipal waste. He also spoke about his departments’ decision to start a pilot project in Mumbai, Navi Mumbai, Pune, and Guwahati to run buses on methanol.
Gadkari said this in the presence of Yousef Al-Benyan, Vice-Chairman and CEO of Saudi Basic Industries Corp (SABIC), one of the world’s top petrochemicals manufacturers, owned by the Saudi Arabian government. Saudi Arabia is the world’s biggest producer of oil and a member of OPEC.