At least six companies willing to partner India in second phase of strategic oil reserves


At least six companies willing to partner India in second phase of strategic oil reserves

At least six global companies have shown preliminary interest in partnering India in the development of the second phase of its strategic petroleum reserves. The country imports over 82 per cent of its crude oil supply and has fast-tracked efforts to build underground bunkers for oil storage to hedge against future supply disruptions.

“We have already received interest from over half-a-dozen companies for the second phase in the past three months. These are mostly construction companies, commodity trading firms or investment banks. While most of them want to either operate or construct or source the crude, we are looking for a company which can do all the three,” H P S Ahuja, Chief Executive Officer (CEO) of India Strategic Petroleum Reserves (ISPRL) told ETEnergyworld in an interview.

ISPRL is currently scouting for investors to participate in the construction of Phase-II of India’s strategic petroleum reserves and has held road-shows in New Delhi, Singapore and London. Read More

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