Latest news with #IndianStrategicPetroleumReserveLtd
Economic Times
02-07-2025
- Business
- Economic Times
India plans new strategic oil reserve to enhance energy security
India is planning to build three new strategic oil reserves to enhance energy security and prepare for potential supply disruptions. The proposed sites are Bikaner (Rajasthan), Mangalore (Karnataka), and Bina (Madhya Pradesh), adding to existing reserves in Mangalore, Padur, and Vizag. Feasibility studies are underway, and federal approval will be required. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India is exploring building three new strategic oil reserves to boost its emergency stockpile and strengthen energy security, the head of the company in charge of strategic reserves said on the world's third-biggest oil importer and consumer, imports more than 80% of its oil needs and is constantly diversifying its crude sources to mitigate the impact of geopolitical crises on its oil engineering consultancy Engineers India Ltd is doing feasibility studies to build the new reserves, Indian Strategic Petroleum Reserve Ltd's CEO L R Jain told Reuters. "In case of exigencies, we will be better prepared," he currently has strategic petroleum reserves at three locations - Mangalore, Padur and Vizag - in southern India to store up to 5.33 million tons of crude that could be tapped in the case of supply plans to create a new 5.2 million-5.3 million ton reserve at salt caverns at Bikaner in the desert state of Rajasthan, and a 1.75-million ton facility at Mangalore in southern Karnataka state, he will also create a reserve in Bina, central Madhya Pradesh state, with capacity yet to be decided, he feasibility studies, the projects will require approval from the federal will come in addition to a new 2.5 million-ton strategic petroleum reserve at Padur and a 4 million-ton facility at Chandikhol in eastern Odisha state that have already been has over the years overhauled its policy on strategic petroleum reserves to allow private participation and commercialisation, mirroring the model adopted by countries such as Japan and South Korea which allow private lessees, mostly oil majors, to trade the crude."We are looking for 90 days of reserves," Jain said. "And Indian fuel demand is also rising, so we need additional storage."Expanding oil storage capacity would also help India join the International Energy Agency, which requires its members to hold a minimum of 90 days of oil storage capacity, including that held by companies and in transit, is currently sufficient to meet its fuel demand for 75 days.
Mint
02-07-2025
- Business
- Mint
India to build three new oil reserves to increase emergency stockpile amid rising domestic fuel demand
NEW DELHI (Reuters) -India is exploring building three new strategic oil reserves to boost its emergency stockpile and strengthen energy security, the head of the company in charge of strategic reserves said on Wednesday. India, the world's third-biggest oil importer and consumer, imports more than 80% of its oil needs and is constantly diversifying its crude sources to mitigate the impact of geopolitical crises on its oil procurement. Indian Strategic Petroleum Reserve Ltd's CEO L R Jain told Reuters that state-run engineering consultancy Engineers India Ltd is conducting feasibility studies to build the new reserves. "In case of exigencies, we will be better prepared," he said. India currently has strategic petroleum reserves at three locations - Mangalore, Padur and Vizag - in southern India to store up to 5.33 million tons of crude that could be tapped in the case of supply disruptions. It plans to create a new 5.2 million-5.3 million ton reserve at salt caverns at Bikaner in the desert state of Rajasthan, and a 1.75-million ton facility at Mangalore in southern Karnataka state, he said. It will also create a reserve in Bina, central Madhya Pradesh state, with capacity yet to be decided, he said. After feasibility studies, the projects will require approval from the federal cabinet. They will come in addition to a new 2.5 million-ton strategic petroleum reserve at Padur and a 4 million-ton facility at Chandikhol in eastern Odisha state that have already been approved. India has over the years overhauled its policy on strategic petroleum reserves to allow private participation and commercialisation, mirroring the model adopted by countries such as Japan and South Korea which allow private lessees, mostly oil majors, to trade the crude. "We are looking for 90 days of reserves," Jain said. "And Indian fuel demand is also rising, so we need additional storage." Expanding oil storage capacity would also help India join the International Energy Agency, which requires its members to hold a minimum of 90 days of oil consumption. India's storage capacity, including that held by companies and in transit, is currently sufficient to meet its fuel demand for 75 days. (Reporting by Nidhi Verma; Editing by Jan Harvey)
Time of India
02-07-2025
- Business
- Time of India
India plans new strategic oil reserve to enhance energy security
NEW DELHI: India is exploring building three new strategic oil reserves to boost its emergency stockpile and strengthen energy security, the head of the company in charge of strategic reserves said on Wednesday. India, the world's third-biggest oil importer and consumer, imports more than 80 per cent of its oil needs and is constantly diversifying its crude sources to mitigate the impact of geopolitical crises on its oil procurement. State-run engineering consultancy Engineers India Ltd is doing feasibility studies to build the new reserves, Indian Strategic Petroleum Reserve Ltd 's CEO L R Jain told Reuters. "In case of exigencies, we will be better prepared," he said. India currently has strategic petroleum reserves at three locations - Mangalore, Padur and Vizag - in southern India to store up to 5.33 million tons of crude that could be tapped in the case of supply disruptions. It plans to create a new 5.2 million-5.3 million ton reserve at salt caverns at Bikaner in the desert state of Rajasthan, and a 1.75-million ton facility at Mangalore in southern Karnataka state, he said. It will also create a reserve in Bina, central Madhya Pradesh state, with capacity yet to be decided, he said. After feasibility studies, the projects will require approval from the federal cabinet. They will come in addition to a new 2.5 million-ton strategic petroleum reserve at Padur and a 4 million-ton facility at Chandikhol in eastern Odisha state that have already been approved. India has over the years overhauled its policy on strategic petroleum reserves to allow private participation and commercialisation, mirroring the model adopted by countries such as Japan and South Korea which allow private lessees, mostly oil majors, to trade the crude. "We are looking for 90 days of reserves," Jain said. "And Indian fuel demand is also rising, so we need additional storage." Expanding oil storage capacity would also help India join the International Energy Agency, which requires its members to hold a minimum of 90 days of oil consumption. India's storage capacity, including that held by companies and in transit, is currently sufficient to meet its fuel demand for 75 days.
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Business Standard
02-07-2025
- Business
- Business Standard
India to build three new strategic oil reserves to boost energy security
The Indian government is considering setting up three additional strategic oil reserves to increase its emergency stockpile and enhance energy security, according to a Reuters report on Wednesday. As the world's third-largest importer and consumer of oil, India overwhelmingly relies on overseas sources for over 80 per cent of its crude requirements. To reduce supply shocks from geopolitical tensions across the world, India continues to diversify its crude import sources. State-owned consultancy Engineers India Ltd is conducting feasibility studies for the new reserves, said L R Jain, chief executive officer of Indian Strategic Petroleum Reserve Ltd (ISPRL). 'In case of exigencies, we will be better prepared,' he told Reuters. Increasing its reserve capacity will also help India qualify for membership in the International Energy Agency, which requires members to maintain reserves equal to 90 days of oil consumption. Current and proposed storage facilities India already operates strategic reserves in Mangalore, Padur and Visakhapatnam in southern India, which together can hold around 5.33 million tonnes (MT) of crude oil. These reserves can be used to cushion the impact of any supply disruptions. Now, plans are in place to build new reserves at three more locations: A 5.2–5.3 MT facility in salt caverns at Bikaner, Rajasthan A 1.75 MT site at Mangalore, Karnataka A storage facility in Bina, Madhya Pradesh, whose capacity is yet to be determined However, the proposed projects will require approval from the Union Cabinet after the completion of feasibility assessments. In addition to the proposed sites, two new reserves have already been approved: A 2.5 MT expansion at Padur A 4 MT facility at Chandikhol in Odisha Private sector participation India has revised its strategic reserves policy in recent years to allow private companies to participate and even trade oil commercially. This is similar to models in countries such as Japan and South Korea, where major oil firms lease storage space and handle trading. 'We are looking for 90 days of reserves,' said Jain. 'And Indian fuel demand is also rising, so we need additional storage.' At present, India's total oil storage — covering company-owned facilities and oil in transit — can meet about 75 days of fuel demand.
Business Recorder
02-07-2025
- Business
- Business Recorder
India plans new strategic oil reserve to enhance energy security
NEW DELHI: India is exploring building three new strategic oil reserves to boost its emergency stockpile and strengthen energy security, the head of the company in charge of strategic reserves said on Wednesday. India, the world's third-biggest oil importer and consumer, imports more than 80% of its oil needs and is constantly diversifying its crude sources to mitigate the impact of geopolitical crises on its oil procurement. State-run engineering consultancy Engineers India Ltd is doing feasibility studies to build the new reserves, Indian Strategic Petroleum Reserve Ltd's CEO L R Jain told Reuters. 'In case of exigencies, we will be better prepared,' he said. India currently has strategic petroleum reserves at three locations - Mangalore, Padur and Vizag - in southern India to store up to 5.33 million tons of crude that could be tapped in the case of supply disruptions. It plans to create a new 5.2 million-5.3 million ton reserve at salt caverns at Bikaner in the desert state of Rajasthan, and a 1.75-million ton facility at Mangalore in southern Karnataka state, he said. Bessent says US trade deal with India is very close It will also create a reserve in Bina, central Madhya Pradesh state, with capacity yet to be decided, he said. After feasibility studies, the projects will require approval from the federal cabinet. They will come in addition to a new 2.5 million-ton strategic petroleum reserve at Padur and a 4 million-ton facility at Chandikhol in eastern Odisha state that have already been approved. India has over the years overhauled its policy on strategic petroleum reserves to allow private participation and commercialisation, mirroring the model adopted by countries such as Japan and South Korea which allow private lessees, mostly oil majors, to trade the crude. 'We are looking for 90 days of reserves,' Jain said. 'And Indian fuel demand is also rising, so we need additional storage.' Expanding oil storage capacity would also help India join the International Energy Agency, which requires its members to hold a minimum of 90 days of oil consumption. India's storage capacity, including that held by companies and in transit, is currently sufficient to meet its fuel demand for 75 days.
