India has decided to fast track its plan to augment its strategic oil reserves facility with 90-100 days stock to shield itself from supply disruptions coming from perennial political risk in the prime oil supplying countries in the Middle East and Africa.
Union minister Dharmendra Pradhan sought cooperation of the Odisha government for implementation of the Rs 6,500 crore Strategic Petroleum Reserve (SPR) project at Chandikhole in Jajpur district.
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
India hopes to invite bids in three to four months to fill a storage facility in southern India with 19 million barrels of oil, the chief executive of Indian Strategic Petroleum Reserve Ltd said on Wednesday.
India is seeking $1.5 billion of investments from global oil producers and traders to build additional emergency crude reserves that will act as a buffer against volatility in oil prices.