Feb 01, 2025 04:27 PM IST
Indian Strategic Petroleum Reserve Ltd which manages federal oil inventories, operates 3 SPRs in southern India with a mixed capability of about 5 million tons
India will present 55.97 billion rupees ($646.78 million) help for buy of oil for the nation’s strategic petroleum reserves (SPRs), the finances doc confirmed on Saturday.
Silos at an oil refinery operated by Bharat Petroleum Corp. Ltd., in Mumbai, India, on Tuesday, April 4, 2023. A shock lower in oil manufacturing from OPEC+ is now setting the stage for different producers to vie for markets in Asia.(Dhiraj Singh/Bloomberg)
Additionally Learn: Donald Trump says tariffs for Canada, Mexico start tomorrow; but to take name on oil
Indian Strategic Petroleum Reserve Ltd (ISPRL), which manages federal oil inventories, operates three SPRs in southern India with a mixed capability of about 5 million tons.
A part of that capability is used for business operations by corporations together with Abu Dhabi Nationwide Oil Co (ADNOC).
The finances proposals additionally embrace an allocation of about 1.8 billion rupees for operation and upkeep of the SPRs and about 3.35 billion rupees for buy of land and development of latest caverns.
Additionally Learn: CBI conducts searches throughout Uttar Pradesh, Haryana in DA case towards former IOCL Officer
India, the world’s third-biggest oil importer and shopper, imports over 80% of its oil wants and is elevating its SPR capability to guard towards any international provide disruption.
ISPRL has sought curiosity from personal corporations to construct and function a 2.5 million metric ton retailer for petroleum reserves at Padur within the southern state of Karnataka.
Additionally Learn: Cupboard hikes ethanol value to spice up fuel-blending programme
India can be planning to construct a 4 million ton SPR at Chandikhol within the jap state of Odisha.
Beneficial Matters Information / Enterprise / India to supply $647 million to help strategic reserve oil purchases in 2025-26
See Much less