India to sell half of Mangaluru strategic oil reserves by December

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 H P S Ahuja said on Thursday.