Thursday, 26 February 2015

India To Set Up Strategic Crude Oil Reserves Of 5.33MMT

Government is setting up Strategic Crude Oil Reserves at Visakhapatnam (storage capacity: 1.33 MMT), Mangalore (storage capacity: 1.5 MMT) and Padur (storage capacity: 2.5 MMT). NEW DELHI(Commodity Online): In a bid to enhance energy security, India is setting up Strategic Crude Oil Reserves of 5.33 Million Metric Tonnes (MMT) at three locations in the country. Dharmendra Pradhan, Minister of State (I/C) for Petroleum & Natural Gas, informed the Rajya Sabha in a written reply today that the Government, through Indian Strategic Petroleum Reserves Limited (ISPRL), is setting up Strategic Crude Oil Reserves at Visakhapatnam (storage capacity: 1.33 MMT), Mangalore (storage capacity: 1.5 MMT) and Padur (storage capacity: 2.5 MMT). Besides, in order to further increase the Strategic Crude Oil storage capacity, ISPRL through Engineers India Limited, has prepared a detailed feasibility study for construction of additional 12.5 MMT of strategic crude oil storages in Phase-II. The Expenditure Finance Committee, in its meeting held on 20.1.2015, has recommended an amount of Rs. 2500 crore for filling the crude in Visakhapatnam cavern against the 12th Plan outlay of Rs.4948 crore under Gross Budgetary Support Scheme of Ministry of Petroleum & Natural Gas for Indian Strategic Storage Programme for storage of crude oil by ISPRL. Rs. 2448 crore has been approved to be used for filling strategic part of caverns being constructed at Mangalore and Padur.

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