India says new biofuel policy will transform into $15.6 billion industry in two years

In India, the government’s long-awaited new biofuel policy will convert the country’s biofuel industry into a $15.6 billion economy in the next two years, the oil minister said this week. With 12 locations identified by the oil marketing companies to produce biofuel, the three companies will invest $2 billion in R&D to help achieve the national goals of reducing fossil fuel imports by 10% by 2022. Indian Oil Corp said it would boost production at its biofuels plants to 100 metric tons per day from the current 12 tons.