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India to build its maiden commercial crude oil strategic storage

Thursday, 04 Apr 2024
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India plans to build its maiden commercial crude oil strategic storage as part of the endeavour to safeguard against any supply disruption. The Indian Strategic Petroleum Reserves (ISPRL), a special purpose vehicle for building and operating strategic petroleum reserves, had built a strategic petroleum reserve in underground unlined rock caverns for storage of 5.33 million tonne of crude oil. In Phase-I, this came up at three locations Visakhapatnam (1.33 million tonne) in Andhra Pradesh and Mangalore (1.5 million tonne) and Padur (2.5 million tonne) in Karnataka.

Under Phase-II, ISPRL intends to build a commercial-cum-strategic petroleum reserve in underground unlined rock caverns along with associated above ground facilities, including dedicated SPM and associated pipelines, both offshore and onshore, for storage of 2.5 million tonne of crude oil at Padur-II. This will entail a cost of Rs 5,514 crore.

The Padur-II will be constructed in a public-private partnership (PPP) model where private parties will design, build, finance, and operate the storage. The operator of Padur-II would lease out the storage to any oil company willing to store oil for a fee.

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