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
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