India to build 2 more strategic petroleum reserves – minister


India to build 2 more strategic petroleum reserves – minister

Indian cabinet on Wednesday approved establishment of two strategic petroleum reserves (SPRs) with a total capacity of 6.5 mln tonnes – interim finance minister Piyush Goyal

* India will set up a 4.4-million-tonnes SPR at Chandikhol in eastern state of Odisha, and a 2.5-million-tonnes facility at Padur in the southern state of Karnataka

* India has built three SPR of 5.33 million tonnes in southern India equivalent to meet 10 days of crude requirement

* The two planned SPRs will be provide additional supply of about 12 days

* India to approach potential investors for operating the SPRs on public private partnership

* ADNOC has leased a part of the existing storage at Padur Read More

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