India has invited bids from oil companies to lease out storage space equivalent to 1.05 million tonnes (mt) of crude oil as global prices simmer on account of the Russia-Ukraine conflict.
The West has threatened Russia, a top oil and gas supplier, with new sanctions if it attacks Ukraine; Russia denies planning any attacks. Indian Strategic Petroleum Reserves Limited (ISPRL) has issued tenders to fill up the reserves at Visakhapatnam and Mangalore.
The tender invited bids to fill up the Visakhapatnam storage facility — they are in the form of underground caverns — up to 0.3mt with only Basrah light as the rest of cavern holds the same grade.
