India to float tender for oil reserves amid Iran tensions
With tensions rising in Iran, India is moving quickly to boost its emergency oil reserves.
Indian Strategic Petroleum Reserve Ltd (ISPRL) is set to float a tender by the end of April for a long-delayed storage project at Chandikhol, Odisha, something that's been stuck for five years.
The goal? To make sure the country isn't caught off guard if global oil supplies take a hit.
$1 billion needed to build reserve
The Chandikhol reserve will need about $1 billion to build and $3 billion just to fill up.
Meanwhile, a new storage site at Padur, Karnataka, is also moving ahead: this one's special because it's India's first public-private partnership for strategic oil reserves.
Both projects show how India is getting serious about energy security while the world watches the Middle East closely.