(MENAFN - Qatar News Agency) A UAE move will boost India's ambitious project of establishing 5.03 million metric tonnes (MMT) strategic crude oil storages, a top Indian diplomat said.
The UAE's commitment has come at the right time as the first part of the Rs24 billion (Dh 1.43 billion) project has been completed recently, T. P Seetharam, the Indian Ambassador to the UAE, said, reported Gulf New
He said the decision on petroleum reserve in India will benefit both nations' energy securit
India decided to set up the strategic crude oil storages at three locations in South India Visakhapatnam, Mangalore and Padur (near Udupi) to ensure energy securit
These strategic storages would be in addition to India's existing storages of crude oil and petroleum products with the oil companies and would serve as a cushion in response to external supply disruptions, according to Indian Strategic Petroleum Reserves Limited (ISPRL), a Special Purpose Vehicle, owned by India's Oil Industry Development Board (OIDB)