India wants to add Saudi, UAE oil for strategic reserve
A worker walks atop a tanker wagon to check the freight level at an oil terminal on the outskirts of Kolkata
New Delhi - Arab Today
India is talking to Saudi Arabia and the UAE to fill half of the 1.5 million tons (mt) of the Mangalore strategic storage, along with Iranian crude, its oil minister said.
Dharmendra Pradhan told a news conference India is exploring two to three other models for sourcing oil to fill the remainder of the storage.
During Saudi Energy Minister Kahlid A. Al-Falih’s visit to New Delhi in October, India plans to discuss the filling of the Mangalore strategic storage, and investments in refinery and petrochemical projects.
Globally, most of the biggest crude oil consuming countries have a strategic storage capacity of at least 50 days, but India currently stands less than 10 days.
In 2005, the Oil Ministry had set up Indian Strategic Petroleum Reserves Ltd. (ISPRL) to build strategic storages in India.
Under phase I of development, the company has built a total of 5.33 mt of storage capacity in three locations — Vizag (1.33 mt), Mangalore (1.5 mt) and Padur (2.5 mt). Only Vizag is currently operational.
Source: Arab News
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