• 4 minutes U.S. Shale Output may Start Dropping Next Year
  • 8 minutes Read: OPEC WILL KILL US SHALE
  • 12 minutes Tidal Power Closer to Commercialisation
  • 16 minutes Washington Eyes Crackdown On OPEC
  • 1 hour Why U.S. Growers Are Betting The Farm On Soybeans Amid China Trade War
  • 6 hours Trump to Make Allies Pay More to Host US Bases
  • 8 mins US-backed coup in Venezuela not so smooth
  • 8 hours BATTLE ROYAL: Law of "Supply and Demand". vs. OPEC/Saudi Oil Cartel
  • 18 hours Solar to Become World's Largest Power Source by 2050
  • 1 day THE DEATH OF FOSSIL FUEL MARKETS
  • 1 day Sounds Familiar: Netanyahu Tells Arab Citizens They’re Not Real Israelis
  • 8 hours Biomass, Ethanol No Longer Green
  • 1 day Can OPEC CUT PRODUCTION FOREVER?
  • 1 day Boeing Faces Safety Questions After Second 737 Crash In Five Months
  • 7 hours Trump Tariffs On China Working
  • 23 hours Exxon Aims For $15-a-Barrel Costs In Giant Permian Operation
Oil Prices Surge To Multi-Month Highs

Oil Prices Surge To Multi-Month Highs

Oil prices have surged to…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

India Allows Foreign Oil Companies To Store Oil At Padur SPR

oil storage

The Indian government allowed on Thursday foreign national oil companies (NOCs) to fill India’s Strategic Petroleum Reserve (SPR) at Padur, in a move to cut budget expenses for storage costs.

The SPR facility at Padur is an underground rock cavern with a total capacity of 2.5 million metric tons, the Indian government’s press bureau said in a statement.

State-owned Indian Strategic Petroleum Reserves Ltd (ISPRL) has constructed and commissioned underground rock caverns at three sites to store a total of 5.33 million tons of crude oil, or 36.87 million barrels of crude oil, at Vishakhapatnam, Mangalore, and Padur.

In case of emergency, India has the first right to draw from the oil stored, Reuters quoted Indian law and justice minister Ravi Shankar Prasad as saying at a press conference.

Foreign NOCs have already expressed interest in signing deals to store oil at India’s SPR sites.

In February this year, the Abu Dhabi National Oil Company (ADNOC) and the state-owned Indian Strategic Petroleum Reserves (ISPRL) agreed to form a partnership for the strategic crude oil storage facility in the southern Indian city of Mangalore. Under the partnership, ADNOC would store 5.86 million barrels of crude oil in underground facilities. According to ADNOC, the oil storage facility will both help ensure India’s energy security and enable the Abu Dhabi company to efficiently and competitively meet market demand in India and in the fast-growing economies in Southeast Asia.

Last month, Saudi Arabia’s Energy Minister Khalid al-Falih said that Saudi Aramco, the state oil giant of OPEC’s largest producer and one of India’s top oil suppliers, was willing to invest in strategic storage in India.

“Saudi Aramco’s desire is to invest in consumer-facing segments such as retail fuels and petrochemicals, building an integrated downstream business in India as well as our commitment to invest in strategic storage,” Reuters quoted al-Falih as saying at an energy forum in India in mid-October.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News