New Delhi: India’s strategic crude oil reserves will be full by mid-May, said petroleum minister Dharmendra Pradhan.
The minister was speaking to Daniel Yergin, vice chairman, IHS Markit. “India has 5.3 million metric tons of strategic storage capacity. By mid-May it will be full. Apart from that our companies have 7 million metric tons of floating oil in their contracts. We have booked them, we have purchased them,” Pradhan said, according to a statement from IHS Markit.
India, the world’s third largest crude oil importer has an existing storage capacity of 5.3 million tonnes (mt) at Visakhapatnam (1.33mt), Mangaluru (1.5 mt) and Padur (2.5mt) built at an investment of $600 million in the first phase.
