India to Build First Commercial Crude Oil Strategic Storage
Last month, the government allowed Adnoc to export crude oil it has stored in Mangalore reserves to give operational flexibility to the foreign firm.ISPRL, a special purpose vehicle created by the government for building and operating strategic petroleum reserves in the country, has invited bids for constructing 2.5 million tonnes of underground storage at Padur in KarnatakaIndia, the world’s third biggest oil consumer and importer, plans to build its first commercial crude oil strategic storage as part of efforts to shore up stockpiles as insurance against any supply disruption. Indian Strategic Petroleum Reserves Ltd (ISPRL), a special purpose vehicle created by the government for building and operating strategic petroleum reserves in the country, has invited bids for constructing 2.5 m...