India signed an agreement with Finland on 15 October 2013 to produce indigenous ethanol and reduce country’s dependence on its import. It is a first-of-its-kind initiative to promote use of clean technology in India.
The agreement was inked between Finnish Minister for European Affairs Alexander Stubb and India’s Minister of State for Petroleum and Natural Gas Panabaka Lakshmi in New Delhi.
According to the agreement State-run explorer Oil and Natural Gas Company (ONGC) and Finnish clean technology firm Chempolis will set up a pilot project to produce ethanol, bio-chemicals and bio-coal from biomass residual matters.
While signing the agreement the ONGC Chairman Sudhir Vasudeva told that since 75 per cent of India’s ethanol requirements are met through imports, there is a large requirement which is not being met by indigenous production.