Business & Economy

Phase I of Strategic Petroleum Reserve programme has capacity of 5.33 MMT: Govt.

NetIndian News Network

New Delhi, February 9, 2017

Minister of State for Petroleum & Natural Gas Dharmendra Pradhan informed the Rajya  Sabha in a written reply to a question yesterday that Strategic Petroleum Reserve (SPR) facilities set up at Visakhapatnam, Mangalore and Padur under Phase I of the SPR programme have a total capacity of 5.33 MMT.
Mr. Pradhan said that, on January 25, 2017, a Definitive Agreement on Oil Storage and Management was signed between Indian Strategic Petroleum Reserve Ltd (ISPRL) and Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates (UAE) for filling up one of the two caverns at Mangalore SPR facility. 
The other cavern at Mangalore has already been filled up by the Government, he said.
He also said that the ISPRL,  which is the special purpose vehicle (SPV) for construction of SPR facilites, had invited preliminary Expression of Interest (EoI) from reputed international parties for filling up of the Padur SPR facility. 
Mr. Pradhan said that there was 63 days of existing storage, based on estimated commercial reserve of crude oil, petroleum products and gas. 
The total 5.33 MMT reserve of Phase-I of the SPR programme is currently estimated to supply approximately 10.5 days of India’s crude requirement according to the consumption during 2015-16, he added.
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