Indian OMCs launch largest-ever ethanol buy tender

In India, oil marketing companies have launched their largest-ever ethanol buy tender, seeking 3.13 billion liters during the 2017/18 sugar crop towards the 10% ethanol blending mandate. The tender is valued at $1.97 billion. Oil companies have to pay an 18% Goods and Services Tax on top of that. Due to drought that seriously hit sugarcane production last year, mills only supplied 810 million liters of ethanol against the 2.81 billion liters sought by the companies.