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Centre invites foreign investment in strategic petroleum reserves

Tuesday, 10 Nov 2020
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The Central government has invited global firms to invest in its strategic petroleum reserves (SPRs).

Earlier in 2020, the Centre filled its three SPRs in Southern India with 5.33 million tonne of oil when prices were low.

To attract private investment in its SPRs, India recently allowed Abu Dhabi National Oil Company (ADNOC) to re-export some of its oil stored in Mangaluru SPR, mirroring a model adopted by South Korea and Japan.

India is building two more commercial-cum-strategic petroleum storages with a capacity of 6.5 million tonne.

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