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First Commercial Crude Oil Strategic Storage
April 11 , 2024
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- India, the world's third biggest oil consumer and importer, plans to build its first commercial crude oil strategic storage.
- Indian Strategic Petroleum Reserves Ltd (ISPRL), a special purpose vehicle created by the government for building and operating.
- It has invited bids for constructing 2.5 million tonnes of underground storage at Padur in Karnataka.
- The Padur-II will be constructed in a PPP (public-private partnership) model where private parties will design, build, finance, and operate the storage.
- ISPRL had in the first phase built a strategic petroleum reserve in underground unlined rock caverns for storage of 5.33 million tonnes of crude oil at three locations Visakhapatnam (1.33 million tonnes) in Andhra Pradesh and Mangalore (1.5 million tonnes) and Padur (2.5 million tonnes) in Karnataka.
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