Tony Atkin
The nation now possesses an oil storage capacity of 5.3 million tonnes. The storage sites are situated in Visakhapatnam (1.33 million tonnes), Mangalore (1.5 million tonnes), and Padur (2.5 million tonnes). Tanks for an extra 6.5 million tonnes are being built in Chandikhole, Odisha, and Karnataka. ISPRL is currently seeking approval for an additional storage facility in Mangalore, which will have a capacity of 1.7 million tonnes.
"The committee urged India's Ministry of Petroleum and Natural Gas to draft requests for proposals, issue notifications for establishing special economic zones, and ensure transactions are finalized within the designated timeframes, while guaranteeing the effective utilization of funds," the said the department.
The publication highlights that the country needs to swiftly achieve the international benchmark for oil storage—a reserve of 90 days.
Previously, Saudi Aramco’s CEO Amin Nasser anticipated that global oil demand would rise in 2027 and later because of numerous nations' intentions to expand their strategic reserve storage capabilities.
source: timesofindia.indiatimes.com
"The committee urged India's Ministry of Petroleum and Natural Gas to draft requests for proposals, issue notifications for establishing special economic zones, and ensure transactions are finalized within the designated timeframes, while guaranteeing the effective utilization of funds," the said the department.
The publication highlights that the country needs to swiftly achieve the international benchmark for oil storage—a reserve of 90 days.
Previously, Saudi Aramco’s CEO Amin Nasser anticipated that global oil demand would rise in 2027 and later because of numerous nations' intentions to expand their strategic reserve storage capabilities.
source: timesofindia.indiatimes.com