November 24, 2023 [Reuters]- India is looking at building its first strategic natural gas reserves by using old, depleted hydrocarbon wells to store the fuel and hedge against global supply disruption, a senior executive of natural gas company GAIL (India) Ltd (GAIL.NS) said on Friday.
India has five million tonnes of strategic petroleum reserves but no storage facilities for natural gas. Indian companies together currently hold two bcm of gas in pipelines and liquefied natural gas tanks for commercial use.
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