India to store crude oil for 30 days

India to store crude oil for 30 days

Many may not have known the importance of Prime Minister Narendra Modi dedicating to the nation the crude oil storage facility at Visakhapatnam on 10 February. This is a delayed, but a significant step for India as it joined a club of around 27 countries in the world which have created oil reserves to meet emergency conditions like war.

The Modi-led Bharatiya Janata Party (BJP) government, which gives more importance to national security and strategic measures, has not only expedited the project actually conceived during the UPA-1 regime, but also decided to expand it by three fold to meet the oil needs of the country for about a month, in league, though not on par, with other major nations like the US, China and Russia.

The PM formally opened the crude oil reserve facility at Visakhapatnam with a capacity of 1.33 million metric tonnes (MMT) or 9.77 million metric barrels (Mmbbls) and built at a cost of Rs 1,178.35 crore. Read More

Leave a Reply

Your email address will not be published.