India hopes to invite bids in three to four months to fill a storage facility in southern India with 19 million barrels of oil, the chief executive of Indian Strategic Petroleum Reserve Ltd said on Wednesday.
The company will be inviting bids for crude for the Padur strategic petroleum reserve in Karnataka which can hold 2.5 million tonnes of oil, Chief Executive H.P.S. Ahuja said.
The Padur site located is about 5 km (3 miles) from the coast and 40 km from Mangalore Refinery and Petrochemicals Ltd’s refinery.
India has strategic petroleum storage facilities at three locations in southern India with a combined capacity of 5.33 million tonnes. Read more