The government is planning to build more underground facilities to store crude oil to ensure assured supply during emergencies.
“There have been some discussions on building additional strategic crude reserves in the country. The discussions are in preliminary stages and a final call on capacity and location would be taken after detailed analysis,” oil ministry officials said.
Indian Strategic Petroleum Reserves Limited (ISPRL) has already built facilities under the first phase of the programme, while the construction of the underground facilities are on under the second phase to be completed by 2025. The current discussions relate to the third phase. India meets about 82 per cent of its crude needs through imports.
