Speaking on the occasion, Pradhan complimented the Oil industry on the stellar role played by them in keeping the fuel lines running despite the stiff challenges of the pandemic.
He also lauded the OMCs for going beyond the usual business imperatives by extending support for medical oxygen supply to the nation in this crisis.
The Petroleum Minister also appreciated IndianOil’s leadership role in smoothening the Liquid oxygen logistics in the country through various initiatives.
Pradhan along with Minister of Health & Family Welfare, Science & Technology and Earth Sciences Dr Harsh Vardhan had initiated Expressions of Interest for “Procurement of Bio-diesel produced from Used Cooking Oil” on the occasion of World Biofuel Day on 10th August 2019 to create an eco-system for collection and conversion of UCO into Biodiesel and developing entrepreneurship opportunities,.
Such “Expressions of Interest” are being periodically released by Oil Marketing Companies (OMCs). In the first phase, 11 EoIs were floated between March 8, 2019 to November 9, 2020 for 200 locations. Publication of EoIs has been extended for one more year up to Deccember 31, 2021 for 300 locations across the country.
Under this initiative, OMCs offer periodically incremental price guarantees for five years and extend off-take guarantees for ten years to prospective entrepreneurs.
So far, IndianOil has also issued 23 LOIs for Biodiesel plants with a total capacity of 22.95 Cr Litres (557.57 TPD). Under this initiative, IndianOil has received 51KL of UCO-Biodiesel at its Tikrikalan terminal in Delhi as of March 31.
Biodiesel is an alternative fuel, similar to conventional or ‘fossil’ diesel. It can be produced from vegetable oils, animal fats, tallow and waste cooking oil.
A significant advantage of Biodiesel is its carbon-neutrality, i.e. the oilseed absorbs the same amount of CO2 as is released when the fuel is combusted in a vehicle. Also, Biodiesel is rapidly biodegradable and completely non-toxic.
Secretary, Ministry of Petroleum & Natural Gas Tarun Kapoor and Chairman, IndianOil S M Vaidya were also present on the occasion.
