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ONGC To Reserve Half of New Oil Storage for Strategic Reserves
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ONGC, India's top oil explorer, last month announced plans to build the strategic petroleum reserve at Mangaluru in Karnataka state, where its Mangalore Refinery and Petrochemicals subsidiary operates a refinery with capacity of 300,000 barrels per day.
The Union Government is expanding its Strategic Petroleum Reserve capacity with private participation.
These storage facilities are managed by the government-owned Indian Strategic Petroleum Reserves Ltd (ISPRL).
MRPL has already leased half of the 1.5 million ton Mangaluru SPR.
India plans to build about 4 million tons of strategic storage at Chandikhol in the eastern state of Odisha and a new 2.5 million ton facility at Padur in southern India in collaboration with private companies.