Fossil fuel dependency in each area of production, transportation, agricultural and service sector has become energy intensive. The increased demand for energy, climate change, and energy security concerns have led to the recent interest in alternative and renewable energy. Because of two major constraints such as environmental impact of using fossil fuels, particularly climate change, and due to depletion of the reserves of fossil fuels the present energy consumption system cannot be sustained. The percentage share of traditional fuels in many developing countries has been falling in recent years mainly due to rapid increase in commercial energy consumption [1-3]. Approximately 150 billion tonnes (Bt) of biomass (100 Bt of organic dry matter of land biomass and 50 Bt of aquatic biomass), which is an important non-fossil resource of energy with low carbon foot print because plants use up carbon dioxide (CO2) in photosynthesis, are produced annually. Plant biomass can be converted into biofuels and has the potential to provide approximately 14% of the total world’s energy demand . Utilization of biomass based renewable energy can be one of the most effective approaches to the mitigation of green house gases (GHG) emission and would be reducing consumption of these fuels through their substitution by renewable fuel. Biofuels can be transported and stored, and can be converted to heat and power on demand, which is essential in an energy mix with a high dependence on intermittent sources .