India has 62 days of crude oil cover on Consumption Basis

India has 62 days of crude oil cover on Consumption Basis

India has 62 days cover on consumption basis with Public Sector storage capacity of crude oil requirement of crude oil imports for oil refineries depends on production of domestic crude oil, requirement of Indian Refineries, success in conservation efforts, etc.

At present, storage capacity of crude oil and products with Industry in Public Sector is 14.6 Million Metric Tonnes (MMT) and 14.08 MMT respectively which provides 62 days of cover on consumption basis.

The Government, through the Indian Strategic Petroleum Reserves Limited, has set up Strategic Crude Oil Reserves with storage capacity of 5.33 MMT at Visakhapatnam, Mangalore and Padur. In order to further increase the Strategic Crude Oil Reserves, a detailed feasibility report has been prepared for construction of additional 12.5 MMT of strategic crude oil storages at Chandikhol, Rajkot, Bikaner and Padur.

While there is no existing barter arrangement involving import of crude oil, Government continues to explore possibilities for such an arrangement as it would lead to export promotion and result in saving of foreign exchange.