India approved Phase II strategic oil reserves adding 6.5MT storage
Business
India's gearing up for a major energy backup boost: Phase II of its strategic oil reserves was approved in July 2021.
With a price tag of ₹14,527 crore and support from both government and private partners, this project aims to make sure the country has enough crude oil stored for emergencies.
The new phase will add 6.5 million tons of storage in Odisha and Karnataka.
Facilities add Odisha 4MT Karnataka 2.5MT
These storage facilities, going up in Odisha (4 million tons) and Karnataka (2.5 million tons), mean India can handle supply shocks better and rely less on just a few countries for energy.
The first phase wrapped up between 2016 and 2018, and now with more international partnerships plus expanded import sources, India's energy game is getting stronger and smarter.