New Delhi, July 11 (IANS) State-run Oil and Natural Gas Corporation (ONGC) has received in-principle approval from its Board of Directors to develop a 1.75 million metric tonne (MMT) Strategic Petroleum Reserve (SPR) at Mangaluru as a project of national importance, in line with directives from the Ministry of Petroleum and Natural Gas (MoPNG).The proposed facility will be developed as the Phase-I extension of the Mangaluru Strategic Petroleum Reserve and will include associated infrastructure, …
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New Delhi, June 29 (IANS) As the Middle East crisis unfolded, India responded better than several global economies because the ground had been prepared, and infrastructure built over the past decade is the reason a closure of the Strait became a managed event rather than a crisis at the pump and the kitchen, according to the government.India’s crude position is defended by diversification rather than by stock alone. The number of source countries has widened from 27 to 41, with newer suppliers…
New Delhi, March 9 (IANS) India currently has a total capacity for storage of crude oil and petroleum products for 74 days, which can help to tide over disruptions in case of adverse situations such as geopolitical conflicts, the Parliament was informed on Monday.”The government has established Strategic Petroleum Reserves facilities with a total capacity of 5.33 million metric tonnes (MMT), which can act as a buffer for short-term supply shocks such as geopolitical conflicts. This is meant to p…
New Delhi, March 7 (IANS) Top government sources on Saturday allayed fears that current global energy situation can become a crisis for India, saying that the country currently holds over 250 million barrels (around 4,000 crore litres) of crude and petroleum products, providing about 7-8 weeks of buffer across the supply chain.These stocks are not held in a single location or a single form. They are distributed across above-ground storage tanks, underground strategic caverns, pipeline systems, t…