‘India’s reserves built at $17 per barrel, global average is $23’

‘India’s reserves built at $17 per barrel, global average is $23’

India will soon have the capacity to store crude oil in underground caverns that it can dip into to meet 90 days of requirements in case of an emergency. “We currently have built capacity that can store about 9-9.5 days of crude oil requirements.

The oil marketing companies have about 65 days of crude storage. After completing the second phase of strategic petroleum reserves (SPRs), we will add another 12 days of crude storage capacity, which shall bring the total crude reserves to about 86-87 days (of requirement),” HPS Ahuja, CEO and MD, Indian Strategic Petroleum Reserves Limited (ISPRL) said in an exclusive interview with Firstpost.

As of now, there are about 20 million barrels of crude stored in three SPRs in Visakhapatnam (Andhra Pradesh) and Manguluru and Padur (Karnataka). Read More

Leave a Reply

Your email address will not be published.