India Wants to Add UAE, Saudi Oil for Strategic Reserve

Source: Reuters 9/21/2016, Location: Middle East

India is talking to the United Arab Emirates (UAE) and Saudi Arabia to fill half of the 1.5 million tonnes (mt) of the Mangalore strategic storage, along with Iranian crude, its oil minister said.

Dharmendra Pradhan told a news conference India is exploring two to three other models for sourcing oil to fill the remainder of the storage.

During Saudi Arabia Energy Minister Kahlid A. Al-Falih's visit to New Delhi in October, India plans to discuss the filling of the Mangalore strategic storage, and investments in refinery and petrochemical projects.

Globally, most of the biggest crude oil consuming countries have a strategic storage capacity of at least 50 days, but India currently stands less than 10 days.

In 2005, the Oil Ministry had set up Indian Strategic Petroleum Reserves Ltd (ISPRL) to build strategic storages in India. Under phase I of development, the company has built a total of 5.33 mt of storage capacity in three locations - Vizag (1.33 mt), Mangalore (1.5 mt) and Padur (2.5 mt). Only Vizag is currently operational.


Australia >>  6/30/2022 - • Oil lifting commencing today with record revenues anticipated
• Seismic and well testing operations delayed
• Battmin drilling program t...

Brazil >>  6/17/2022 - Petrobras, regarding the news published in the media, clarifies that by request of the Chairman of the Board of Directors, its Board of Directors held...

Canada >>  6/16/2022 - PetroTal Corp. is pleased to announce the following sales related update.

720,000 barrels of oil under contract for export from Bayovar. Ap...

United States >>  6/15/2022 - ExxonMobil released the following statement in response to a letter from President Biden.

We have been in regular contact with the adminis...


Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.