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OIL: India's ISPRL Talks for Strategic Oil Storage Overseas

OIL
IndiaEnergy BulletsBulletAPACCommodities

India is in initial discussions with Oman to lease a facility to store 5mbbl of crude, according to of Indian Strategic Petroleum Reserves Ltd cited by Reuters.

  • India is seeking oil storage in other Middle Eastern countries as part of efforts to raise SPR capacity to protect against any global supply disruption with dependence on imports for over 80% of its oil requirements.
  • "If the talks with Oman materialise this would be the first time we will be holding strategic storage overseas," ISPRL chief executive L.R. Jain said.
  • ISPRL currently operates three SPRs in southern India with a combined capacity of about 5.3m tons.
  • ISPRL plans 4m tons of strategic storage at Chandikhol in eastern Odisha state and 2.5m ton at Padur in Southern India, while a 5m tons store is under consideration at Bikaner in Rajasthan.
  • Current ISPRL oil reserves can cover 9.5 days of demand and Indian company storage facilities cover 64.5 days.
  • India aims to raise capacity from 74 days of crude oil and refined fuels storage with IEA membership requirements for a minimum of 90 days of consumption.
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India is in initial discussions with Oman to lease a facility to store 5mbbl of crude, according to of Indian Strategic Petroleum Reserves Ltd cited by Reuters.

  • India is seeking oil storage in other Middle Eastern countries as part of efforts to raise SPR capacity to protect against any global supply disruption with dependence on imports for over 80% of its oil requirements.
  • "If the talks with Oman materialise this would be the first time we will be holding strategic storage overseas," ISPRL chief executive L.R. Jain said.
  • ISPRL currently operates three SPRs in southern India with a combined capacity of about 5.3m tons.
  • ISPRL plans 4m tons of strategic storage at Chandikhol in eastern Odisha state and 2.5m ton at Padur in Southern India, while a 5m tons store is under consideration at Bikaner in Rajasthan.
  • Current ISPRL oil reserves can cover 9.5 days of demand and Indian company storage facilities cover 64.5 days.
  • India aims to raise capacity from 74 days of crude oil and refined fuels storage with IEA membership requirements for a minimum of 90 days of consumption.