The Indian Government is looking for financial investors, foreign oil companies and large construction firms to build storage facilities. There may also be the option for the companies to enter into a concessionaire agreement for the construction, filling and operation of the facilities.

Speaking at a conference on energy security organised by Global Counter Terrorism, Dharmendra Pradhan, India’s Minister of petroleum and natural gas, invited companies to develop 6.5 million tonnes of crude oil storage facilities across India.

Currently, storage capacity in India can provide for 74 days of consumption, but the Government would like to increase this to 90 days.

Elsewhere, in-principal approvals have been given for two storage facilities under a public-private partnership model at Chandikhol in Odisha (4 million tonnes) and Padur in Karnataka (2.5 million tonnes). The Government signed a memorandum of understanding with the U.S. Government that could see it store oil in the U.S. strategic petroleum reserve.

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1st October 2020