India forms task force expanding crude oil LPG gas storage
India is stepping up its energy game. Thanks to global supply worries and the West Asia conflict, the government has set up a special task force to figure out how to store more crude oil, liquefied petroleum gas (LPG), and natural gas.
The group will explore new storage options (including public-private partnerships) and share its recommendations in about two months.
India imports nearly 90% crude oil
Right now, India keeps a 60-day reserve of crude oil and fuel from around 40 countries, and the ministry has asked state-run oil marketing companies to maintain at least 30 days of LPG reserves.
The main strategic reserves in Visakhapatnam, Mangaluru, and Padur hold enough for just eight days' use.
While new facilities are planned at Chandikhol and Padur (adding much-needed capacity), delays with land acquisition and funding have slowed things down.
Since India imports nearly 90% of its crude oil, these upgrades are key for keeping the country's energy supply steady if things get rocky globally.