August 7, 2023 [The Economic Times]- Chines oil Petrochina is among global ompanies that have shown interest in building new stratagic petroleum reserves (SPRs) in India, the country’s junior oil minister said on Thursday.
During two roadshows held to seekprivate investment for building the SPRs, global companies, including BP, Shell and traders Trafigura, Vitol, Glencore, Vopak and KNOC showed interest, Rameswar Teli said.
India, the world’s tirld biggest oil importer and consumer, has 5.55 million tonnes of crude reserves at three locations in sourthern India.
In 2021, the Indian cabinet approved building two more SPRs with the help of private companies- a 6.5 million- tonne facility at Chandikhol in easter Odisha state and a 2.5 million-tonne at Padure in southern Karnataka state.
The SPRs would be owned by the federal governement. The government would hold the first right ovrer the crude oil, in case ogf any shortage, Teli said in a written reply to a query from lawmakers.
“The concessionaire shall transfer the SPR along with single moorning point, onshore and offshor pipeline to the government at the end of the 60 years of concession period,” Teli said.
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