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India plans new strategic oil reserve to enhance energy security
India plans new strategic oil reserve to enhance energy security

Yahoo

time02-07-2025

  • Business
  • Yahoo

India plans new strategic oil reserve to enhance energy security

By Nidhi Verma 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. 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

India plans new strategic oil reserve to enhance energy security
India plans new strategic oil reserve to enhance energy security

Economic Times

time02-07-2025

  • 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.

India to build three new oil reserves to increase emergency stockpile amid rising domestic fuel demand
India to build three new oil reserves to increase emergency stockpile amid rising domestic fuel demand

Mint

time02-07-2025

  • 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)

India plans new strategic oil reserve to enhance energy security
India plans new strategic oil reserve to enhance energy security

Time of India

time02-07-2025

  • 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.

India plans new strategic oil reserve to enhance energy security
India plans new strategic oil reserve to enhance energy security

Reuters

time02-07-2025

  • Business
  • Reuters

India plans new strategic oil reserve to enhance energy security

NEW DELHI, July 2 (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. State-run engineering consultancy Engineers India Ltd ( opens new tab 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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