India Expands Strategic Oil Reserves With New ONGC Storage Plan
AI Summary
India's ONGC plans to expand its strategic crude oil reserves by 1.75 million tons, aiming for a total of about 12.8 million barrels. The company seeks government approval to allow commercial use of this stockpile, augmenting India's current reserves capacity situated in three southern locations.
India’s ONGC plans to build up a strategic national reserve of crude totalling 1.75 million tons, or 12.8 million barrels. The company would also ask the government to allow the commercial use of the stockpile, Reuters reported. India currently has a national crude oil reserve of 5.33 million tons, which is equal to about 39 million barrels, in three locations in the southern part of the country. The sites are managed by a government-owned entity, Indian Strategic Petroleum Reserves Ltd. The maximum reserve capacity can cover only eight days…