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India to build up oil reserves

Oil & Gas
February 1, 2015February 1, 2015
India to build up oil reserves
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India will make a provision in the Budget to fill up strategic reserves for crude, taking advantage of the falling global oil prices. The fall in oil prices to their lowest level in six years will help Finance Minister Arun Jaitley reap a fiscal windfall of billions of dollars when he presents his first annual Budget. India, the world´s No 4 crude consumer, is building storage facilities at three locations in the south of the country to hold a total 36.87 million barrels of oil.

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