ONGC to set up strategic petroleum reserve

The board of directors of the Oil and Natural Gas Corporation (ONGC) has given in-principle approval for the development of a 1.75 million tonnes strategic petroleum reserve at Mangaluru as a Phase I extension. The project, along with its associated facilities, will be treated as a nationally important initiative as per the directives of the Ministry of Petroleum and Natural Gas. Directions have also been put forth to broaden the commercial utilisation opportunity with associated regulatory support to be taken up with the Government of India.