India has started selling crude oil from its strategic reserves to state refiners with a view to soften the blow from surging global crude prices, while also creating space for leasing out to private and international companies.
“We have started selling to oil marketing companies. This will help to create space that we will then offer for leasing,” Indian Strategic Petroleum Reserves Ltd (ISPRL) CEO HPS Ahuja said on Thursday.
As much as 0.3 million tonne of Upper Zakum crude stored at the Mangaluru cavern has already been emptied and the remaining 0.45 million tonne will be sold by the end of the year.
