India looks to store oil in Oman, says ISPRL chief
India, the world's third biggest oil importer and consumer, imports over 80% of its oil needs and is raising its strategic petroleum reserve capacity to protect against any global supply disruption.
"If the talks with Oman materialise this would be the first time we will be holding strategic storage overseas," Jain told Reuters, adding his company is looking for storage in other Middle Eastern countries as well.
ISPRL, which manages federal oil inventories, operates three SPRs in southern India - at Vizag in Andhra Pradesh, and Mangalore and Padur in Karnataka - with a combined capacity of about 5.33 million tons.
India is keen to expand its oil storage capacity to be able to join the International Energy Agency (IEA), which requires its members to hold a minimum of 90 days of oil consumption.
India has storage capacity to hold 74 days of crude oil and refined fuels.
ISPRL's current oil reserves are enough to cover demand for 9.5 days while Indian companies have crude and refined fuel storage facilities for 64.5 days.
Jain said ISPRL will build 4 million tons of strategic storage at Chandikhol in eastern Odisha state and a new 2.5-million ton facility at Padur in Southern India.
He said the new underground SPRs at Chandikhol and Padur will be built in partnership with private companies with the federal government having the first right to the oil in the event of a shortage.
ISPRL is also considering building a 5-million ton underground crude store, and gas reserves at Bikaner in desert state of Rajasthan, he said.
(Reporting by Nidhi Verma Editing by Alexandra Hudson)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
8 hours ago
- Gulf Today
Spain's unemployment rate falls to lowest since 2008 to 10.29%
Spain's unemployment rate fell to 10.29 per cent in the second quarter of 2025 from 11.36 per cent in the preceding three months, data from the National Statistics Institute (INE) showed. The rate was at the lowest level since the first quarter of 2008, when it stood at 9.6 per cent, INE said. It also represents the lowest rate in a second quarter since 2007. Economists polled by Reuters had forecast that the rate would decline to 10.7 per cent. The April-June period tends to be the strongest quarter for employment in Spain, as the tourism sector usually sees high activity before the traditional summer slump hits other industries. After adding over 500,000 new jobs in the quarter, the country surpassed the milestone of 22 million formal workers for the first time. Labour Minister Yolanda Diaz told SER radio the data was very positive but called on employers to improve salaries, which she said were far below those of other European countries despite a high cost of living. Meanwhile Spain's trade deficit widened 42.46 per cent in the first five months of 2025 from the same period a year earlier, to 21.52 billion euros ($25.04 billion), the Economy ministry said on Friday. Imports over the period increased by 4.3 per cent to 184.91 billion euros, while exports rose 0.8 per cent to 163.38 billion euros, the ministry said. Spain's economy is a strong and developing one, characterized by its robust labour market, a growing focus on green energy, and increasing foreign investment. It is the 14th largest economy in the world by nominal GDP and the fifth largest in Europe. The country is a member of the European Union and the Eurozone, and it has a mixed capitalist economy with a strong service sector, particularly tourism, and a significant industrial base The Spanish government announced a €200 million ($232.03 million) financial package to bolster its investments in Mauritania, along with the launch of the digital platform 'Kantara' aimed at fostering direct connections between economic players in both countries. The announcement came following the conclusion of the first high-level session between Mauritania and Spain, which included the Mauritanian-Spanish Business Council, and was attended by Mohamed Ould Cheikh El Ghazouani, President of Mauritania, and Pedro Sánchez, Prime Minister of Spain. According to the Mauritanian Information Agency, the closing session featured pledges and investment commitments. In his remarks, Sanchez said the €200 million package will be channelled into loans for green projects, feasibility studies, risk mitigation instruments, and project implementation tools, particularly in the field of energy transition. He also announced that Spain will appoint its first economic and trade representative in Mauritania as of 1st September. President El Ghazouani emphasised that Mauritania offers a wide range of promising investment opportunities in key sectors such as fisheries, agriculture, livestock development, extractive industries, infrastructure - including roads, bridges, airports, and public buildings - as well as in services, gas, and mining. Earlier the Opec Fund for International Development (Opec Fund) and the Islamic Republic of Mauritania have signed a landmark Country Partnership Framework Agreement to cooperate on key development initiatives during the period 2025-2027, earmarking $120 million in new development financing focusing on the country's development priorities. The funding will finance critical projects that contribute to projects promoting renewable energy, clean water, food security, improved transport and clean cooking. In addition the Opec Fund is pledging to provide up to $500,000 in grants for capacity-building, project preparation and technical assistance. Opec Fund President Abdulhamid Alkhalifa said during a visit to the capital Nouakchott: 'We are proud to help improve the lives of people and communities for a more resilient future. Our commitment to Mauritania is focused on bolstering key sectors of the economy.' 'Technical assistance and strong project preparation are vital to mobilise additional development funding, enable public-private partnerships (PPPs) and attract private sector investment.' The Ministry of Economy and Tourism has signed two Memoranda of Understanding with the Spanish Patent and Trademark Office and the Moroccan Industrial and Commercial Property Office, aimed at strengthening cooperation in the development of intellectual property (IP) in the UAE in line with international best practices. The MoUs were signed in the presence of Abdullah Bin Touq Al Marri, Minister of Economy and Tourism, during the UAE delegation's participation in the Sixty-Sixth Series of Meetings of the Assemblies of the Member States of the World Intellectual Property Organisation (WIPO) in Geneva. Agencies
Gulf Today
8 hours ago
- Gulf Today
India's Modi announces credit worth $565 million to Maldives
Indian Prime Minister Narendra Modi on Friday announced a $565-million line of credit to the Maldives during a visit to the Indian Ocean archipelago, as the two countries launched formal talks for a free-trade agreement. Modi is visiting the Maldives, known for its upmarket tourist resorts, to mark the 60th anniversary of its independence and diplomatic relations between the two countries. The announcement came during Modi's joint media statement with Maldives' President Mohamed Muizzu. The two-day visit is crucial to India's ambition to control the seas and shipping routes of the Indian Ocean in a race with its regional rival China. It also marks the further easing of diplomatic tensions between the two nations that followed the election of pro-China Muizzu in 2023. Regional powers India and China compete for influence in the archipelago nation, which is strategically located in the Indian Ocean. On Friday, Modi witnessed the exchange of agreements to cooperate in sectors such as fisheries, health, tourism and digital development. He also formally handed dozens of heavy vehicles to the Maldives' defense forces. 'India is Maldives' closest neighbor. Maldives holds an important place in both India's neighborhood- first policy and ocean vision,' Modi said. 'India is also proud to be Maldives' most trusted friend.' The line of credit will be used for 'infrastructure and development projects in line with the priorities of the people of the Maldives,' he said. 'India will continue to support Maldives in developing its defence capabilities. Peace, stability and prosperity in the Indian Ocean region is our common goal,' he added. During Muizzu's visit to India last October, India announced financial support to the cash-strapped Maldives in the form of a $100-million treasury bills rollover and the countries signed a $400-million currency swap agreement. Tensions between India and the Maldives grew since Muizzu, who favored closer ties with China, was elected in 2023 after defeating India-friendly incumbent Ibrahim Mohamed Solih. Leading up to the election, Muizzu had promised to expel Indian soldiers deployed in the Maldives to help with humanitarian assistance. Last year New Delhi replaced dozens of its soldiers in the Maldives with civilian experts. Measure by Modi to promote tourism in India's Lakshadweep archipelago, off the southwestern coast of the Indian mainland, also sparked anger from Maldivians, who saw it as a move to lure Indian tourists away from their country. Indian celebrities then called for a tourism boycott to the Maldives. The dispute deepened when Muizzu visited China ahead of India in January last year, a move seen by New Delhi as a snub. On his return, Muizzu spelled out plans to rid his tiny nation of dependence on India for health facilities, medicines and import of staples. Relations started to improve after Muizzu attended Modi's swearing-in ceremony for a third five-year term. Muizzu has toned down his anti-Indian rhetoric, and official contacts with New Delhi have intensified as concerns grew about Maldives' economy. India has long been a critical provider of development assistance to the Maldives. Meanwhile, the Maldives joined China's Belt and Road Initiative in 2013 to build ports and highways and expand trade as well as China's influence across Asia, Africa, and Europe. Modi will attend the Maldives' 60th independence anniversary from being a British protectorate on Saturday. Separately, the Reserve Bank of India has 'won the battle against inflation' but the war is ongoing as price stability remains the central goal, Governor Sanjay Malhotra said during a fireside chat at a Financial Express event on Friday. The RBI delivered a larger-than-expected 50 basis point rate cut at its June policy review but shifted its stance to 'neutral,' suggesting limited room for further easing. However, with retail inflation falling to a six-year low and likely to hit a record low in July, calls have grown for at least one more rate cut this year. Many analysts argue the sharp disinflation also points to weakening demand in the economy. Malhotra said monetary policy being forward looking, will place greater focus on the outlook for growth and inflation, rather than current levels when the policy panel meets on Aug. 6. The change in stance to 'neutral' did not mean a reversal from the easing of policy, he said. 'We have the flexibility to move up, down or pause. Yes, it does mean, the bar for further easing is higher than it would have been if it (stance) was accommodative,' he added. Monetary policy transmission has quickened due to rate cuts and will help in supporting economic growth as overall flow of funds to the industry and economy is improving, Malhotra said. Further monetary policy measures would depend on the requirement but the central bank has enough ammunition in its armory to use as and when required, he added. Agencies
Al Etihad
15 hours ago
- Al Etihad
China proposes global AI cooperation organisation
26 July 2025 08:42 SHANGHAI (REUTERS)Chinese Premier Li Qiang on Saturday proposed establishing an organisation to foster global cooperation on artificial intelligence, calling on countries to coordinate on the development and security of the fast-evolving at the opening of the annual World Artificial Intelligence Conference (WAIC) in Shanghai, Li called AI a new engine for growth, but adding that governance is fragmented and emphasising the need for more coordination between countries to form a globally recognised framework for three-day event brings together industry leaders and policymakers at a time of escalating technological competition between China and the United States - the world's two largest economies - with AI emerging as a key battleground."Currently, overall global AI governance is still fragmented. Countries have great differences particularly in terms of areas such as regulatory concepts, institutional rules," Li said."We should strengthen coordination to form a global AI governance framework that has broad consensus as soon as possible," he has imposed export restrictions on advanced technology to China, including the most high-end AI chips made by companies such as Nvidia and chipmaking equipment. Despite these restrictions, China has continued making AI warned that AI could become an "exclusive game" for a few countries and companies, and said challenges included an insufficient supply of AI chips and restrictions on talent exchange. China wanted to share its development experience and products with other countries, especially those in the Global South, he is an annual government-sponsored event in Shanghai that typically attracts major industry players, government officials, researchers and investors. Tesla CEO Elon Musk has in past years regularly appeared at the opening ceremony but did not speak this than 800 companies are participating, showcasing more than 3,000 high-tech products, 40 large language models, 50 AI-powered devices and 60 intelligent robots, according to organisers. The exhibition features many Chinese companies, including tech giants Huawei and Alibaba and startups such as humanoid robot maker Unitree. Western participants include Tesla, Alphabet and Amazon.
