India's Strategic Petroleum Reserves
The Government of India has established Strategic Petroleum Reserves (SPR) at three locations, including Vishakhapatnam, Mangalore, and Padur, with a capacity of 5.33 MMT! These SPRs can meet about 9.5 days of our national demand during emergencies. Efforts to commercialize Phase-I of the SPR program have also led to fascinating collaborations. Abu Dhabi National Oil Company (ADNOC), the UAE's National Oil Company, has joined the program by storing 0.8 MMT of crude oil in Mangalore. Earlier, India leveraged the low crude oil prices in April and May 2020 to fill these reserves rapidly. The Union Cabinet has given "In Principle" approval for establishing 6.5 MMT Strategic Petroleum Reserves at two new locations, Chandikhol in Odisha (4 MMT) and Padur in Karnataka (2.5 MMT). This project will be undertaken through the PPP model, reducing the budgetary support from the Government of India.