India able to meet its gasoline demand by 2020

India can meet up to 59 per cent of its gasoline demand by 2020 by producing second generation biofuels from its huge agricultural residue, according to a global bio-tech organisation official.

"Second generation biofuels have the ability to help India meet its growing energy needs while providing reduced greenhouse gas (GHG) emissions and the opportunity for economic and job growth through the domestic production of biofuels," said Steen Riisgaard, CEO of Denmark-based Novozymes.

"This would help the country move from a high dependence on foreign oil towards greater transport fuel self-sufficiency," Press Trust of India quoted Riisgaard. Riisgaard said his company, which controls 60 per cent of biofuel enzyme market in the world, is working with its partners on second generation ethanol across the US, Latin America, Europe, China and India to build a bio-based society.

"We recently introduced Cellic CTec3, which brings the cost of the second generation biofuels closer to the cost of gasoline or corn ethanol," he said.

"With the energy security looming over and oil prices spiralling, and with India's unique advantage in terms of agricultural residue availability, there is a huge opportunity India has in this regard."

Novozymes has "many plans" for India and these will be implemented on priority basis, said Riisgaard.

"India is a significant market for Novozymes and we believe we can positively contribute to the sustainable future of the country," he said.