The Union Cabinet has approved establishment of additional 6.5 million metric tonne (MMT) Strategic Petroleum Reserve (SPR) facilities at two locations
India has decided to commission over 5 million tonnes (mt) of underground crude oil storages by October to ensure uninterrupted oil supply to the nation for about two months in the case of disruptions in imports from oil producing countries due to geopolitical reasons.
The Union government is to commission one of its three proposed strategic oil storage facilities in Visakhapatnam next January. This is going to be the country's first such crude oil storage facility. The other two crude oil storage centres are being built at Mangalore and Padur in Karnataka.
To insulate itself from oil supply disruptions, India will build its first strategic oil storage facility by January,
Union Oil Minister M Veerappa Moily has said on September 28. India, which is 79 per cent dependent on imports to meet its crude oil needs, is building underground storages at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka to store about 5.33 million tonne of crude oil, the Minister said.