Three foreign oil companies keen on hiring strategic oil storages – Feedback

Abu Dhabi National Oil Company (ADNOC), Saudi Aramco of Saudi Arabia and Royal Dutch Shell have evinced interest in hiring strategic oil storage that India has built on east and west coasts, Oil Minister Dharmendra Pradhan said today.

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. “ADNOC of UAE, Saudi Aramco of Saudi Arabia and Shell have expressed their interest in storing crude oil in the strategic petroleum reserve facilities,” he said in a written reply to a question in the Rajya Sabha here. Pradhan said under Strategic Petroleum Reserve project Phase-I, underground rock caverns for storage of 5.33 million tons of crude oil at three locations — Vishakhapatnam (1.33 million tons), Mangalore (1.50 million tons) and Padur (2.5 million tons) have been created.

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