India to set up two more strategic crude oil reserves
Global Petroleum News
February 03, 2017
Abu Dhabi: India is planning to set up two more strategic oil reserves in order to increase energy security and insulate the country from the future energy shortages, Indian finance minister Arun Jaitley announced on Wednesday.
“As a phase two of this, strategic crude reserves- caverns to be set up in Orissa and Bikaner in addition to three existing facilities,” said Jaitely in his budget speech.
The strategic caverns are run by Indian Strategic Petroleum Reserves Ltd (Isprl), a special purpose vehicle set up by Oil Industry Development Board under the ministry of petroleum and natural gas.
Under Phase I of the storage programme, three facilities have been created at Vishakhapatnam, Mangalore and Padur, with a total storage capacity of 5.33 million metric tonnes (MMT).
Last week, Abu Dhabi National Oil Company (Adnoc) and the Indian Strategic Petroleum Reserves Ltd, agreed to establish a strategic crude oil storage in the southern Indian city of Mangalore with a storage of 5.86 million barrels of Adnoc crude oil.