Indian oil companies buy record 720 million liters of ethanol from mills

In India, the country’s oil marketing companies have at last finalized a record ethanol purchase of 720 million liters of ethanol from sugar mills, making this the first year the country will reach its E5 blending target. The ethanol will reduce the country’s $20 billion annual fuel import bill by $1 billion. The OMCs paid between 56 and 60 cents per liter. About 230 million liters have already been picked up.