Business & FinanceEnvironment

Reuters exclusively reports India to commercialize half its strategic oil reserves

Reuters reported exclusively that India has decided to commercialize half of its current strategic petroleum reserves (SPRs) as the nation looks to enhance private participation in the building of new storage facilities. India, the world’s third-biggest oil importer and consumer, imports over 80% of its oil needs and has built strategic storage at three locations in southern India to store up to 5 million tonnes of oil to protect against supply disruption. Private entities taking storage on lease will be allowed to re-export 1.5 million tonnes of oil stored in the caverns in the case of Indian companies refusing to buy the crude, Reuters sources said. 

Article Tags
Topics of Interest: Business & FinanceEnvironment
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Asia
Countries: India
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
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