The Cabinet on Thursday approved filling up of the underground strategic oil storage at Padur in Karnataka by foreign oil companies, who could use it as a storage for trading in the region but will have to part with the oil in case of an emergency in India.
India has build 5.33 million tonnes of emergency storage in underground rock caverns in Mangalore and Padur in Karnataka and Visakhapatnam in Andhra Pradesh.
While a third of the Visakhapatnam facility has been hired by Hindustan Petroleum Corp Ltd (HPCL), Abu Dhabi National Oil Co (ADNOC) and government of India has filled the storage at Mangalore. The 2.5 million tonnes Padur facility remains empty. Read more