- India has filled 64% of its strategic petroleum reserve capacity, Parliament was informed.
- The government is expanding storage and diversifying crude import sources across 41 countries.
- Current reserves can meet the nation’s energy needs for 74 days during a crisi
India has reserved crude oil of around 3.372 Million Metric Tonnes (MMT) in stock, which is around 64% of the total storage capacity, the Ministry for Petroleum and Natural Gas informed the Parliament on Monday.
Through a Special Purpose Vehicle called Indian Strategic Petroleum Reserve Limited (ISPRL), Strategic Petroleum Reserve (SPR) facilities with a total capacity of 5.33 Million Metric Tonnes (MMT) of crude oil at three locations in Andhra Pradesh and Karnataka have been created, which can act as a buffer for short-term supply shocks, the ministry informed.
Further on petroleum reserves' capacity, the ministry reported that in July 2021, the government had also approved the establishment of two additional commercial-cum-strategic petroleum reserve facilities with a total storage capacity of 6.5 MMT in Odisha and Karnataka.
On the query regarding the government's recent assessment of increasing dependence on crude oil imports in India amidst ongoing tensions, the ministry stated that to ensure the security of crude supplies and to mitigate the risk of dependence on a single region, Oil and Gas Public Sector Enterprises (PSEs), which are board-run entities, source crude oil from diverse sources.
Further, the government stated that for uninterrupted supply during geopolitical uncertainties, PSEs currently import crude oil from 41 countries, including from suppliers like the USA, Nigeria, Angola, Canada, Colombia, Brazil, and Mexico, in addition to traditional suppliers in the Middle East such as Iraq, Saudi Arabia, the UAE, Kuwait, and Qatar.
Also Read: Madras High Court Receives Petition To Stay Screening Of Dhurandhar 2 Ahead Of TN Polls
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.