India invites global bids for filling strategic oil storage – Feedback

India has invited bids from global oil firms and traders to lease out capacity in the newly built underground strategic oil storage at Padur in Karnataka. India, which is 80 per cent dependent on imports to meet its crude oil needs, has built three underground oil storages at Vishakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka as insurance against supply disruptions.

Indian Strategic Petroleum Reserves Ltd (ISPRL), under the administrative jurisdiction of Ministry of Petroleum and Natural Gas, Government of India, has built strategic storages at three locations. “ISPRL, on behalf of Government of India, has invited preliminary Expression of interest from reputed, companies/ traders/ financial institutions/ multinational companies either individually or as a consortium, interested in storing crude oil in any one or more compartments of the storage facility at Padur,” an official statement said.

About news

We take care of publishing the latest investment news and highlights for Feedback

Leave a Reply

Your email address will not be published. Required fields are marked *