India is on the path of constructing its first commercial crude oil strategic storage in Padur, Karnataka. The move aims to boost the country’s stockpiles against potential supply chain disruptions.
Key highlights
- The 2.5 million-tonne underground storage facility will be developed by Indian Strategic Petroleum Reserves Ltd (ISPRL) in Public Private Partnership (PPP) mode. It has issued bid notifications for this purpose.
- During Phase –I, ISPRL developed strategic petroleum reserves in Visakhapatnam (1.33 million tonnes), Mangalore (1.5 million tonnes), and Padur (2.5 million tonnes).
- In Phase –II, it will develop a commercial cum strategic petroleum reserve.
- India is the third-largest oil consumer and importer in the world, meeting over 85% of the oil requirement through imports.
