India signed an initial pact to lease out a part of its underground strategic oil storage at Padur in Karnataka to Abu Dhabi National Oil Co (ADNOC) for storing crude oil. Padur storage has four compartments of 0.625 MMT (million metric tonnes) each and ADNOC may use half of the storage capacity for stocking its oil.
Allowing foreign companies to use the storage for storing crude oil helps the government save on the cost of filling the reserves.
“ADNOC is the only foreign oil and gas company, so far, to invest by way of crude oil in India’s strategic petroleum reserves programme,” an oil ministry statement said.
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