The MoPNG seeks Rs 150 billion from the Centre to build the second phase of strategic petroleum reserves

The MoPNG has sought Rs 150 billion from the Centre to build the second phase of strategic petroleum reserves in a cost-effective manner, given the declining global crude oil prices. India uses strategic storage reserves, which are underground rock caverns, to store crude for later use. Crude prices are trading close to 12-year lows, offering major relief on the import bill. These savings can be used to buy crude to ensure energy security. In the first phase, the government decided to set up 5 million tonnes (mt) of storage capacity across three locations: Visakhapatnam, Mangalore and Padur.

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