Fast tracking strategic petroleum reserves critical for India's energy security
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓India is building two strategic petroleum storage facilities in Odisha and Karnataka to boost energy security.
- ✓Officials said the Chandikhol project is gradually inching ahead after years of delay.
- ✓Experts noted that the expansion needs to be expedited, as "the expansion is going slow and needs to be expedited."
Story at a Glance
- Category
- BUSINESS
- Reported By
- Business Line
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
India is setting up two facilities for commercial-cum-strategic storage of 6.5 million tonnes at Chandikhol in Odisha and Padur in Karnataka under Phase-2
Even as the recent West Asia conflict has impressed upon India to immediately double the capacity of domestic strategic petroleum reserves (SPRs) and scout for locations overseas, analysts and officials emphasise on fast tracking the current projects in Odisha and Karnataka.
India is setting up two facilities for commercial-cum-strategic storage of 6.5 million tonnes (mt) at Chandikhol (4 mt) in Odisha and Padur (2.5 mt) in Karnataka under Phase-2.
Sources said the SPR at Chandikhol is now "gradually inching ahead" with finalisation of "certain commercial terms" with Abu Dhabi National Oil Company (ADNOC) being discussed. Around 400 acres of land has been handed over for the project, which has been languishing for nearly 8 years.
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