UditVani, Patna: The Oil Marketing Companies Bharat Petroleum Corporation Limited (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Limited (HPCL) have entered into a long-term purchase agreement (LTPA) for upcoming dedicated ethanol plants in Bihar. The first set of Tripartite-cum-Escrow Agreement (TPA) was signed among Oil Marketing Companies (OMCs), project proponents and Banks of the respective ethanol plant projects in presence of Sandeep Poundrik (IAS), Principal Secretary, Department of Industries, Govt. of Bihar, Ashwani Bhatia, MD State Bank of India and Sukhmal Jain, Executive Director I/C, Marketing Corporate, BPCL. These five projects are likely to contribute to around 23 crore litres of ethanol per annum.
As per the agreement, ethanol produced by these plants shall be sold to OMCs for blending with Petrol in terms with the Government of India’s Ethanol Blended Petrol (EBP) Program. Payment towards supply of ethanol shall be credited to escrow account maintained with the financing bank to ensure servicing of loan as per schedule. TPAs were signed with Micromax Biofuels Pvt Ltd, Bihar, Eastern India Biofuels Pvt Ltd, Bihar, Muzaffarpur Biofuels Pvt Ltd, Bihar, K P Biofuels Pvt. Ltd, Madhya Pradesh and Visag Biofuels Private Limited, Madhya Pradesh.
State Bank of India, Indian Overseas Bank and Indian Bank are three banks who are involved in this tripartite agreement with OMCs and project proponents. The agreement is designed to ensure that payment received by Ethanol plants is utilized for servicing the finance extended by these Banks.
Deficit of 650 crore litre of ethanol:
In 2021-22, India achieved 9.90% ethanol blending, consuming 186 Cr. Ltr of ethanol, saving over 9,000 Crores of foreign exchange. The Government now has advanced the target of achieving 20% blended ethanol by 2025 (commonly known as E20 target). The major challenge to achieve this target is the deficit of ethanol. As per E20 scenario, the country requires 1,016 crore litre of ethanol to achieve the target in 2025-26. But as per the current availability there is a deficit of approximately 650 crore litre of ethanol.
Ethanol blended petrol not only give us cleaner environment as it produces 38 % lesser carbon dioxide emission, as well as, support rural economy with investment in rural areas and employment generation.
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